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==Assignment==
 
==Assignment==
   −
Read and, if necessary, reread the above lecture.  Then answer these questions:
+
Read and, if necessary, reread the above lecture.  Then answer six out of the following seven questions:
−
 
      
1. Define, in your own words, economic “efficiency”.  Use it in an example sentence.
 
1. Define, in your own words, economic “efficiency”.  Use it in an example sentence.
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===Honors===
 
===Honors===
   −
No essay this week.  Instead, complete all of the following problems:
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No essay this week.  Instead, complete four out of the following (#8-12) questions, with an optional question for extra credit at the end:
    
8.  The greater the number of substitutes for a good, is it more or less price elastic?  Explain briefly.
 
8.  The greater the number of substitutes for a good, is it more or less price elastic?  Explain briefly.
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