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Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Principle #3: Rational People Think at the Margin Principle #4: People Respond to Incentives Principle #5: Trade Can Make Everyone Better Off Principle #6: Markets Are Usually A Good Way to Organize Economic Activity Principle #7: Governments Can Sometimes Improve Market Outcomes Principle #8: A country's standard of living depends on its ability to produce goods and services.

Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Principle #3: Rational People Think at the Margin Principle #4: People Respond to Incentives Principle #5: Trade Can Make Everyone Better Off Principle #6: Markets Are Usually A Good Way to Organize Economic Activity Principle #7: Governments Can Sometimes Improve Market Outcomes Principle #8: A country's standard of living depends on its ability to produce goods and services.

Microeconomics
Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter17: Market Failure: Externalities, Public Goods, And Asymmetric Information
Section: Chapter Questions
Problem 12QP
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Any reference to the presence of "an externality in a market" is associated with principle # Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Principle #3: Rational People Think at the Margin Principle #4: People Respond to Incentives Principle #5: Trade Can Make Everyone Better Off Principle #6: Markets Are Usually A Good Way to Organize Economic Activity Principle #7: Governments Can Sometimes Improve Market Outcomes Principle #8: A country's standard of living depends on its ability to produce goods and services. Principle #9: Prices rise when the government prints too much money. O Principle #10: Society faces a short-run tradeoff between inflation and unemployment.
Transcribed Image Text:Any reference to the presence of "an externality in a market" is associated with principle # Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Principle #3: Rational People Think at the Margin Principle #4: People Respond to Incentives Principle #5: Trade Can Make Everyone Better Off Principle #6: Markets Are Usually A Good Way to Organize Economic Activity Principle #7: Governments Can Sometimes Improve Market Outcomes Principle #8: A country's standard of living depends on its ability to produce goods and services. Principle #9: Prices rise when the government prints too much money. O Principle #10: Society faces a short-run tradeoff between inflation and unemployment.
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