ECO 202
 Module 2 - Course Objectives

 Efficiency and 
 Fairness of Markets

 6.1  Distinguish between value and price and define consumer surplus.

 6.2   Distinguish between cost and price and define producer surplus.

 6.3   Explain the conditions in which markets are efficient and inefficient.

 6.4  Explain the main ideas about fairness and evaluate claims that competitive markets result in unfair outcomes.

Assessment  Method

A.  Do the Self-Test questions in your Study Guide as if they were real exam questions, which means do them without looking at the answers. 

B.  You will learn the most from right answers you had to struggle for, and from your wrong answers and mistakes.  Only after you have attempted all the questions should you look at the answers in your Study Guide. 

C.  When you check your answers, be sure to understand where you went wrong and why the right answer is correct.

Take Self-Test 6.1, and Self-Test 6.2, and Self-Test 6.3, and Self-Test 6.4 in your Study Guide before taking Exam #1.