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Slide 1 A rational decision maker makes choices so as best to achieve a clear goal. Rational behavior most often requires marginal analysis in which the marginal benefit…
Consumers, Producers, and the Efficiency of Markets Chapter 7 Revisiting the Market Equilibrium Do the equilibrium price and quantity maximize the total welfare of buyers…
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1.3 SUPPLY AND DEMAND II: MARKETS AND WELFARE 2. 77Consumers, Producers, and the Efficiency of Markets 3. REVISITING THE MARKET EQUILIBRIUM • Do the equilibrium price and…