Format: Black font; 12-point font; double-spaced. Place your full name atthe top of the first page or on a cover sheet.

Each answer should be approximately 200-300 words. The entire midtermshould be 800-1200 words.

For help understanding what I mean by “meaning and significance,” seethe slide on this subject that I have shown in class and posted on thecourse website in the same module that contains the syllabus.

Each answer should include:

1.Reference (of course) to the author most associated with conceptor term;

2.At least one reference, with a citation, to another assigned author,for the purpose of contrast and/or comparison

3.Total of three to five correct citations to the relevant assignedreading(s), with specific page numbers; citations can be appended toquotations or paraphrasing;

Citations, Reference List Forma

1.Use the author-date system, with page numbers, as described hereon this webpage:

2.Include a reference list at the end of the midterm, using the samemodel linked above.


1. Explain the meaning and significance of “fictitiouscommodity.”

2. Explain the meaning and significance of “noxiousmarkets.”

Notes :

– Satz-Some-Things-Intro-Noxious-Markets.pdf- Hayek-Market-Order-or-Catallaxy.pdf

3. Explain the meaning and significance of the "firm.”


– Coase-Nature-Firm.pdf

4. Explain the meaning and significance of “spatialmismatch”