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ECON 1000 Lecture Notes - Lecture 5: Price Floor, Avoidance Speech, Marginal Utility

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coffeeduck671
24 May 2012
School
York University
Department
Economics
Course
ECON 1000
Professor
George Georgopoulos

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ECON 1000 Full Course Notes
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Document Summary

Market price people who are willing to pay get the resource. There are people who choose not to buy, or people who can"t afford to buy. Command order by someone in charge (job boss) Majority rules voters choose (works well when decisions affect a large group of people) Contest allocates resources to a winner (sporting events) First come first served those who are first in line (best when it can serve one user at a time) Personal characteristics people with the right characteristics get the resources (marriage) Force can be good or bad. Resources are allocated efficiently when they"re used in ways that people value most highly (marginal benefit = marginal cost) Value of one more unit of a good is its marginal benefit. Individual demand relationship between price of a good and quantity demanded by one person. Market demand price of a good and the quantity demanded by all buyers.

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Related Questions

41) At West, recognized as the "jewel in Vancouver's culinary crown", reservations are essential. At Le Bistro Chez Michel, a restaurant in North Vancouver, reservations are recommended. At Vij's, a restaurant not too far from the University of British Columbia, reservations are not accepted. West allocates scarce table resources by Le Bistro Chez Michel allocates scarce table resources by and Vij's allocates scarce table resources by A) market price; market price and force; force B) first-come, first-served; first-come, first-served; first-come, first-served C) a command system; a combination of a command system and first-come, first-served; first-come, first-served D) personal characteristics; personal characteristics; first-come, first-served E) personal characteristics; personal characteristics and first-come, first-served; first-come, first-served

When a market price allocates a scarce​ resource, the people who​ ______ get the resource.

The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficiency and allocative efficiency.
What can the government do to promote allocative efficiency?
 
(i) Allocate resources so that all types of goods and services are produced in the same amount.
(ii) Allocate all resources to maximize the production of the one product most desired by society.
(iii) Take responsibility for distributing resources equally among the rich and the poor, regardless of people's preferences.
(iv) Impose a minimum of interference in the market, thus enabling the people who are willing to pay the most for a given good or service to obtain it.