microeconomics Mid

      Instructions In arrange to get your max gait for each   question you should be as former as feasible (USE YOUR OWN WORDS), mix and   match consummate be trustworthy, but total "paraphrasing of the textbook"   consummate meet in points inference.  Your answers should conclude from the readings of your   textbook, and not from the Internet rises, find infallible that when you   paraphrase the textbook that you relation the rise.  Please voicelessness that you consummate be efficacious to review/see the   feedback abandoned by me for your loose and/or answers where you   did not consummate the culmination gait succeeding I evaluate you. Best of Luck! QUESTION 1 What is Microeconomics? Why is it essential? QUESTION 2 What is the law of contribute? Give an sample of how you observed the law of contribute at operation in the "real cosmos-people." QUESTION 3 Explain the aftercited terms: - Unit elastic - Perfectly elastic - Perfectly inelastic QUESTION 4 What is the "law of diminishing final utility"? Give an sample. QUESTION 5 Explain the dissent among implied and plain evolution costs. QUESTION 6   List and argue at lowest three requirements for complete rivalry. QUESTION 7 Explain the aftercited "rerise market" terms: - Labor - Capital - Raw materials QUESTION 8 What is meant by Antitrust regulations" Why is it essential? QUESTION 9 Discuss two rises of air defilement and what can/should be manufactured about it. QUESTION 10 What is the Lorenz incurvation? Why is it essential? QUESTION 11 Explain two of the aftercited terms: - Import Quotas - GATT - NAFTA