ECON102 Study Guide - Quiz Guide: Deadweight Loss, Economic Surplus, Economic Equilibrium
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ECON102 Full Course Notes
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Chapter 5 & 6: efficiency and equity; govt markets in action: which method is used to allocate rooms to students in spring break in ontario? command. A: b: when a market price allocates a scarce resource, the people who ______ get the resource. Pick the winning number line up first are willing and able to pay that price exert force. A: c: a ______ system allocates resources by the order of someone in authority. contest. The benefit from one more unit of a good or service is its marginal benefit, and we measure marginal benefit by the maximum price that is willingly paid for another unit of the good or service. The benefit from one more unit of a good or service is its marginal benefit, and we measure marginal benefit by the area under the demand curve. An efficient outcome results when marginal benefit exceeds marginal cost.