answer each question with at least 10 lines .

Question Description

1. Happiness

Do you agree with Henry David Thoreau’s quote, “Happiness is like a butterfly; the more you chase it, the more it will elude you, but if you turn your attention to other things, it will come and sit softly on your shoulder”?

Can this relate to how much money you make? If you make more than $75,000 per year, will you be happier?

https://www.cnbc.com/2017/11/20/how-much-money-you-need-to-be-happy-according-to-wealth-experts.html (Links to an external site.)

Explain your answer using diminishing marginal utility.

2. Oligopolies

Which of the following markets are oligopolistic?

passenger airlines
cereal
fast food
wheat
golf equipment
the college bookstore on your campus

What happens to pricing and service in oligopolistic environments? Please use an example and include a resource.

3. Prospect Theory

What is prospect theory? Have you ever suffered a setback early in a process (for example, seeking a job or applying for college) that caused you to alter your behavior later on?

4. Trade Restrictions

What are three problems with trade restrictions? What are three reasons often given in support of trade restrictions?

What are your thoughts on the current trade war with China? What is the justification for this? Please include outside resources to support your argument.

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