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.

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

7. Suppose you work for a store and its owner arrives one day and tells you that wants to set new prices for every good in the store.  He declares that he is the owner, and 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 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. Suppose you work for a store and its owner arrives one day and tells you that wants to set new prices for every good in the store.  He declares that he is the owner, and 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 owner that will determine the sales prices?  Explain to the owner what your opinion is of his approach, using basic concepts in this lecture.