Applying Disciplinary Concepts and Tools
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Evaluate the extent to which competition among sellers and among buyers exists in specific markets.
Use benefits and costs to evaluate the effectiveness of government policies to improve market outcomes.
Generate possible explanations for a government role in markets when market inefficiencies exist.
Describe the roles of institutions such as clearly defined property rights and the rule of law in a market economy.
Analyze the ways in which incentives influence what is produced and distributed in a market system.