ECON 1050 Chapter Notes - Chapter 5: Demand Curve, Marginal Utility, Economic Surplus

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People who are willing and able to pay acquire the resource. Resources allocated by the order of someone in authority. Resources allocated in a way that the majority of the voters choose. Resources allocated to those first in line (first-come, first serve) Resources allocated to those who pick the winning number. People with the right characteristics get the resources. Allocates resources by force for both good and ill. Market demand: the horizontal sum of the individual demand curves and is formed by adding the quantities demanded by all individuals at each price. Marginal social benefit: the marginal benefit to the entire society.

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