Changes

<br>(B) Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket.  Will the obstructed-view seats sell out under this law, and will people have to stand in long lines in order to buy them?  Would you oppose or support such a law, and why?

<br>(B) Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket.  Will the obstructed-view seats sell out under this law, and will people have to stand in long lines in order to buy them?  Would you oppose or support such a law, and why?

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.

7. Suppose you work for a store and its owner arrives one day and tells you that he wants to set new prices for every good in the store.  He declares that because he is the owner, he should be able to sell his goods and whatever price he chooses.  Will he succeed in this strategy, or is there another force outside the control of the individual owner that will determine the sales prices?  Explain to the owner what your opinion is of his approach, using basic concepts in this lecture.

7. Explain ''why'' waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, prices that are lower than what the price would be under supply and demand in the free market.  (Hint: the reason is related to the effect of price controls on the ''supply'' of a good or service.)

===Honors===

===Honors===