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Explain 2 impacts of the Louisiana Purchase. 

Explain the controversy surrounding the election of 1800. 

Another way to say “competition is about pushing price down to average cost” is that free markets are characterized by:

Suppose a Acme Widgets has the lowest marginal cost curve in the industry, i.e., they can produce every quantity level of widget for a lower marginal cost than any other widget manufacturer. Should Acme produce all of the widgets in the industry?

In a competitive market, sellers sell their product

A competitive firm maximizes profit by choosing

Choose the regions that correspond with a country’s consumer surplus for a product when there is no international trade, and consumer surplus when there is free international trade (no barriers). consumer producer surplus regions.png

Imagine that you can hire four low-skilled workers to move dirt with shovels at $5 an hour, or you can hire one skilled worker at $24 an hour to move the same amount of dirt with a skid loader. Who will you hire if the minimum wage increases from $5 per hour to $6.50 per hour?

label number 26-35

labeling in order number 10 to 17