Changes

'''1.''' The four elements of perfect competition are: perfect knowledge of the market, perfect substitutes, perfect mobility of resources, and many buyers and sellers.

'''1.''' The four elements of perfect competition are: perfect knowledge of the market, perfect substitutes, perfect mobility of resources, and many buyers and sellers.

'''2.''' Competition with someone who you really want to beat can motivate you to try harder to beat them, or be better than them. In several of the classes before this one, I competed very hard with other students on the exam, which likely helped me to do better.

'''2.''' Competition with someone who you really want to beat can motivate you to try harder to beat them, or be better than them. In several of the classes before this one, I competed very hard with other students on the exam, which likely helped me to do better.

'''4.''' The converse of [[Gresham's Law]] is not necessarily true with conversation; it depends on the people in the conversation.

'''4.''' The converse of [[Gresham's Law]] is not necessarily true with conversation; it depends on the people in the conversation.

'''5.''' Total cost is the entire costs your firm sustained from the time you started, including the building of factories, purchase of machines, advertising, wages, production, and many others. Average cost is the total cost divided by number of goods produced (TC/Q). Marginal cost is the amount to produce one more unit.

'''5.''' Total cost is the entire costs your firm sustained from the time you started, including the building of factories, purchase of machines, advertising, wages, production, and many others. Average cost is the total cost divided by number of goods produced (TC/Q). Marginal cost is the amount to produce one more unit.

'''6.''' The total loss is ($15x85)+(50x$20)+(10x$25)+(5x$30)=$2675.

'''6.''' The total loss is ($15x85)+(50x$20)+(10x$25)+(5x$30)=$2675.

'''7.''' There is not perfect competition between public schools and homeschools, for several reasons. First, the infamous "socialization:" public school students often see more of people of the same age. Second, few homeschools have access to organized teams for multiple sports (and typically public schools do not allow homeschoolers on their teams.) Finally, few homeschools have access to complicated laboratories and workshops for science.  

'''7.''' There is not perfect competition between public schools and homeschools, for several reasons. First, the infamous "socialization:" public school students often see more of people of the same age. Second, few homeschools have access to organized teams for multiple sports (and typically public schools do not allow homeschoolers on their teams.) Finally, few homeschools have access to complicated laboratories and workshops for science.  

'''8.''' Competition is the state existing when two nearly identical firms share the same market, promoting maximum efficiency.  

'''8.''' Competition is the state existing when two nearly identical firms share the same market, promoting maximum efficiency.  

'''9.''' Without the minimum wage, when the supply of labor increased the prices of labor would drop. Because there is a minimum wage, there is no result.

'''9.''' Without the minimum wage, when the supply of labor increased the prices of labor would drop. Because there is a minimum wage, there is no result.

'''10.''' The firm has no profit or loss when Q=0, because they are not producing any goods or paying any people. The firm is not profitable.

'''10.''' The firm has no profit or loss when Q=0, because they are not producing any goods or paying any people. The firm is not profitable.