Critics of advertising argue that advertising leads to less elastic demand for
products and a larger markup of price over marginal cost.
According to Coase theorem, whatever the initial distribution of rights, the
interested parties can bargain to an efficient outcome.
In the Tragedy of the Commons, joint action among the individual citizens
would be necessary to solve their common resource problem unless the
government intervenes.
Politicians often point to wage differentials as evidence of labor-market
discrimination against ethnic minorities and women; however, economists
argue against this approach because people differ in the kinds of work they are
willing and able to do.
It takes Russell 6 hours to produce a bushel of corn and 2 hours to wash and
polish a car. It takes Wilma 6 hours to produce a bushel of corn and 1 hour to
wash and polish a car. Wilma and Russell cannot gain from specialization and
trade, since it takes each of then 6 hours to produce 1 bushel of corn.
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