Explain the ways in which imperfect information influence market behavior.

o Determine boundaries of production at firms
o Explain the ways in which imperfect information influence market behavior.
o Determine how asymmetric information affects product market
o Describe the way asymmetric information influence labor market
o Define public goods
o Describe the underground economy
o Explain bureaucracy and its role in representative democracy
Describe the gains that trade brings
Discuss the reasons for international specialization
Explain trade restrictions and welfare loss

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