Please answer the following questions in complete sentences and show all your work. 1. What are some major characteristics of the core sphere? 2. Why do businesses find it difficult to supply "public goods"? 3. Give three different meanings of the term "market"? 4. Describe four main categories of institutional requirements for markets. 5. List three major types of markets in terms of how prices are set. 6. What are three major categories of market outcomes, based on efficiency, fairness, and sustainability? 7. Match each concept in Column A with an example in Column B. Column A Column B a. The sale of crude oil to 1. An example of a commodity ExxonMobil market b. Explicit contract 2. Home care for the elderly c. A car loan 3. An example of a resale market d. A core sphere activity 4. Police services e. A used bike sold on craigslist 5. The expectation that roommates will contribute to rent f. A drawback of markets 6. An example of a financial market g. Implicit contract 7. A signed lease for an apartment h. A public purpose sphere activity 8. Failure to account for environmental externalities 8. You attend a university. In what sense is it an "educational institution"? Can you identify any institutional patterns that structure the behavior of students and faculty at your school