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

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ECON 1000 Full Course Notes
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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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