EC 200-B01

Exam 1 Next Thursday (90% of test from lecture, 30 m/c questions)

opportunity costs: key concept
emb > emc

Veblen
Theory of the Leisure Class

predatory capitalism, conspicuous consumption

supply & demand

Law of Demand: the more something costs, the fewer units consumers will be willing and able to buy, other things being equal (OTE)
Law of Supply:

Other Things Equal:

  1. tastes/preferences
  2. competing product prices remain static
  3. income levels
  4. expectations
  5. market size
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