ECON 103 Quiz: ECON103 Quiz 1 2018 Spring

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1 Oct 2018
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ECON 103 Full Course Notes
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Spring 2018 your section time and day: friday 103-02. Class 3, quiz 1: to be done at home and handed in to ta section. Note that you may work with one other person from your ta section. Read chapter 1 in real world micro, especially items 1. 1 ( free-market outcomes are not. Fair and not free ) and 1. 2 ( shaking the invisible hand ). Market competition guarantees the right product, the lowest prices, and that the workers will be paid poorly. Deregulated free markets have a way of self-correcting themselves. I"m selling pvc piping for . 00 a pipe and my competition cranks up his production, my competition will be making them for a lower price while making more of them. The shift in price will certainly grab the attention of the target market, causing them to buy his pvc piping for only . 50.

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