1.Explain the relationship between the consumption contract curve and Pareto efficiency.

2.What is the law of supply, and what are the factors that cause shifts in supply?

3.Are business managers microeconomic or macroeconomic market participants? Explain.

4.What is a reason for microeconomics to have evolved into an empirical discipline?

5.What is the difference between a movement along and a shift of the demand curve?

6.Does a change in price lead to a movement along the supply curve or to a shift in the supply curve?

7.Is a firm's decision about how many workers to hire related to microeconomics or macroeconomics? Explain.

8.Summarize evidence regarding the impact of the minimum wage on employment.

9.What happens to the supply curve if the price of a relevant resource falls?

10.Does the impact of tax on aggregate output deal with microeconomics or macroeconomics? Explain.