1.

(02.01 LC) Which of the following statements about property rights is accurate? (2 points)

	They are necessary for a command economy to function.
	They prevent allocative inefficiency.
	They prevent productive inefficiency.
	They make free exchange in product and factor markets possible.
	They are an essential feature common to market, command, and mixed economies.

2.

(02.01 MC) Which of the following methods would produce an accurate market demand curve? (2 points)

	Adding horizontally at each price all the individual marginal benefit curves in the market
	Connecting the axes with a line that passes through the market price
	Drawing the marginal cost curve from its lowest point up
	Taking the derivative of all the suppliers' total product curves
	Multiplying the equilibrium price by all quantities supplied

3.

(02.01 MC) (2 points)

\fPrice Supply P1 B E P2 T C H P3 D J K G L Demand Quantity Q1 Q2 Q3 (units)Price Supply A B E P C F Demand D - - - - - Quantity Q s Qaf Q (units)