1. How does the introduction of cognition into a consumer's choice among healthy and unhealthy food affect marginal utility per dollar and the quantity of healthy and unhealthy food consumed? Suppose utility is maximized.
2. When an electronics company advertises on the local newspaper a 10 percent discount coupon, is this an example of price discrimination? Why or why not?
3. Explain how if a price-fixing game is repeated over and over, the cooperative outcome might be attained.
4. Describe what would happen to the equilibrium price and quantity of oranges if the supply of oranges increased while the demand for oranges decreased.
5. Will a price ceiling always result in a reduction in efficiency?