POSSIBLE QUESTIONS FOR QUIZ #2

By Anonymous -
1. What is arbitrary coherence? Cite examples. Why is this concept a different view of human choice than is seen in the forces of supply and demand?

2. Why does Ariely think that the truth is relative even when it shouldn’t be? Cite examples. Is there anything we can do about the relativity of truth?

3. What is elasticity? What does it mean to say that something is perfectly inelastic? Elastic? Why is elasticity important if you are running a business?

4. Why are the concepts of supply and demand more useful concepts in micro economics than macro?

5   What are third Party Payer Markets? What is wrong with them? Cite several examples?

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