3. Why is it essential that the value of goods be "determined at the margin" instead of in total? Explain the errors that can emerge when an individual or business fails to think "on the margin" through the use of

an original example.

4. Many people believe that in the event of another oil crisis brought on by war in the Middle East or elsewhere, gasoline should be rationed by the government by the criterion of need. What do you think of this recommendation? Defend your response.

5. why did the industrial revolution take place in England when it did? What factors were in place to allow this phenomenon to occur? Which, do you think, were the most important factors?

6. how do you explain economies of large-scale production? Why do certain businesses, such as cigarette manufacturers, seem to enjoy them, whereas other businesses, such as barbering, do not?

7. Describe the contribution heavy overhead costs had to the concentration of business and "cutthroat" competition during the early 1900s.

8. Explain the causes of the Great Depression in terms of capital formation. How did the gap in capital accumulation filter through to a meltdown in consumer spending?