What is the law of supply

Reference no: EM13187359

1.what is the law of supply? how many of the following " goods" do you think conform to the general law of supply? explain your answer in each case.
a. gasoline
b. cheating on exams
c. political favors from legislators
d. the services of heart specialists
e. children
f. legal divorces

2.Are prices an accurate measure of good's total value? are prices an accurate measure of a good's marginal value? what's the difference? can you think of a good that has high total value but low marginal value? use this concept to explain why professional wrestlers earn more than nurses, despite the fact that nurse probably create more total value to society.

3. How is the market price of a good determined? when the market for a product is in equilibrium, how will consumers value an additional unit compared to the opportunity cost of producing that unit? why is this important?

4. do business firms operating in competitive markets have a strong incentive to serve the interest of consumers? are they motivated by a strong desire to help consumers? are " good intentions" necessary if individuals are going to engage in actions that are helpful to others? discuss

Reference no: EM13187359

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