Explain the consequences of a thin market.
Put in plain words the concepts of adverse-selection and moral hazard.
Clarify the pros and cons of the free-rider problem.
Explain why a price-fixing cartel is difficult to maintain.
Evaluate the distribution of income in the United States and issues relative to inequality.
Explain 2 ways subsidies led to appalling behavior.
Give explanation of how wages are determined in competitive labor markets and explain why wages differ from one occupation to another