Is an efficient market allocation fair? Explain
It is not generally possible to define fairness when considering efficiency. Instead, economists focus on efficient outcomes. Markets respond to demand, which is based upon willingness and ability to pay. Therefore, persons with high income and high wealth get attention, and their desires are met in markets. Others must do without. Many see this as unfair, because "needs" are not addressed.
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Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 15, the price must be
A) $0. B) $6. C) $9. D) $15.
When each country specializes in producing the good for which it has a comparative advantage:
A. both countries may benefit. B. both countries always enjoy equal gains from trade. C. the country that is bigger will gain more surplus. D. the country with the weaker economy will gain more surplus.
Refer to the information provided in Figure 16.6 below to answer the question(s) that follow. 
Figure 16.6Refer to Figure 16.6. In the top portion of the figure are the demand curves of two people in this society for a public good. Which of the panels represents the market demand curve for the public good?
A. Panel A B. Panel B C. Panel C D. Panel D
Refer to the information provided in Table 24.2 below to answer the question(s) that follow. Table 24.2
Refer to Table 24.2. At an output level of $1,500, disposable income
A. is $1,000. B. is $1,200. C. is $1,400. D. cannot be determined from this information.