A market in which adverse selection occurs is often called a lemons market
a. True
b. False
Indicate whether the statement is true or false
True
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According to Figure 6.1, the period from 1974 to 1995 is particularly remarkable for the slow growth of ________
A) output per worker B) labor input C) output D) capital input
Why is a sunk cost not part of the opportunity cost of a decision?
A. Because the expense would too often outweigh the benefits. B. Because the chances of recouping it are infinitesimally small. C. Because the money is gone, regardless of the decision made. D. Sunk costs are a part of the opportunity cost of a decision.
The law of comparative advantage implies that a nation, individual, or region should trade for those economic goods for which it
What will be an ideal response?
Based on the headline "Russia's Sable Monopoly Persists" you could predict that
A. The sable market is contestable. B. Sable producers are franchise monopolists. C. Output is more than it would be in a competitive sable market. D. Long-run economic profit is positive in the sable market.