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

Priceline.com

Review the basic Priceline.com service information under the "How It Works" tab.

• 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 markets.