1. Describe market failures and government failures. Explain how the government can be used to solve market failures,
2. Explain elasticity as it relates to consumer behavior. How does utility maximization work and explain how it affects consumer behavior?
3. Explain explicit and implicit costs and why both are important when making business decisions. What is accounting profit, and what is normal profit? What is the difference between fixed and variable costs?
4. Explain both the Monopoly and Oligopoly market structures. Is Google in an oligopoly market or a monopoly market? Why did the U.S. Justice Department use the language it did when it sued Google?
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