Both producers and consumers are able to substitute goods and services more easily in the long run. Consequently, long-run demand and supply is ________ elastic than short-run demand and supply. This suggests that, in the long run, ________.

Faux leather purses are considered inferior goods. What would happen to the equilibrium price and quantity of faux leather purses if income decreased and more firms started producing faux leather purses?

The market for watches is perfectly competitive and is currently in equilibrium. What will happen if  wearing watches becomes more popular?

In a city where the equilibrium hourly wage for unskilled, entry-level workers is $11, the U.S. federal minimum wage of $7.25

Discuss the reason why some politicians argue for rent control, try to make their best arguments (bullet points are okay). Now discuss why a large majority of economists have concern with this policy. Discuss the impact in the market on the quantity of housing (you might want a graph) Also discuss other potential impacts in addition to changes in quantity. Now think about what other measures could be used to address a lack of affordable housing in cities. Provide an economic analysis of your ideas (again you might want to use a graph). Remember if you are using a drawn graph write “see graph” in your answer and then after you have submitted the Quiz in honor lock. Then take a picture of the graph and upload it to the Graphs for Essay Question 2 Dropbox Assignment in CARMEN.

All combinations of two goods on the same indifference curve will provide the same level of utility. Because moving from a point on an indifference curve to a point away from it must change the level of utility, it is impossible that two points on two different indifference curves will provide the same level of utility. Therefore, indifference curves CANNOT

Based on the indifference curve framework, what does the point of tangency between the highest attainable indifference curve and the budget constraint represent?

Direct current can produce a chemical effect on tissue that is prevented by using alternating current.  Describe what this chemical effect is, and how it effects tissue. 

Describe different ways an ultrasound treatment can be modified if the patient complains of discomfort from the ultrasound itself.  Indicate AT LEAST 4.

Your patient is suffering from referred pain, and is wondering why you are not treating the part of their body that hurts. Write a thorough description of what referred pain is, as if you were educating this patient.(Remember, this test is meant to examine your knowledge of the subject matter for this test – your goal should be to prove what you have learned from the class so far. It’s OK to include other knowledge/experience, but if you don’t include specifics from subject matter from class/readings, you will not do well on the test over that material. So, teach your patient about referred pain – go into as much detail as you feel necessary.)Grading : Earn up to 50% of the points on offer for this question for demonstrating an understanding of how referred pain is thought to work. Earn another 50% for your translated-for-patient-consumption description.