These Economics W.I.R.E.D. activities recommend web links that relate to key concepts of each chapter of the textbook. For each link, there are instructions to guide you to specific information, followed by several discussion questions or exercises.
Key Concepts: Individual
Consumers and Firms in a Market, Case Study: A Double-Auction Market, Are
Competitive Markets Efficient?, Measuring Waste from Inefficiency, The Deadweight
Loss from Taxation, Informational Efficiency
Review the basic Priceline.com service information under the "How It Works"
- How can Priceline.com offer
prices on hotels and airline tickets that are 40% to 50% below retail prices?
- Under what condition would a
proposed or asking price for airline tickets be refused by participating airlines?
(Hint: P = MC)
- Visit Ubid.com.
Explain why having "No Reserve Price" may help to increase consumer surplus
in the market.
- Explain how new services like
mySimon.com bring about more competitive