Screening is
a. actions by the informed party to reveal her true risks
b. actions by the informed party to conceal her true risks
c. actions by the uninformed party to uncover the true risks
d. actions by the uninformed party to conceal the true risks
c
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As the number of days without rain increases, the amount of wheat grown per acre declines. A graph showing this relationship shows
A) a vertical line. B) a positive relationshi
A seller who succeeds in getting his various customers to pay different prices for the same good
A) is keeping his marginal revenue closer to his demand curve than it would otherwise be. B) is not using the marginal cost-marginal revenue formula to set prices. C) must be paying attention to overhead or sunk costs in setting prices. D) thereby misallocates resources because sales will be less than if a single price is charged.
Price taking behavior exists in
A) perfectly competitive markets. B) markets with a monopolist, where consumers have to take price as it is given to them by the monopolist. C) automobile markets where consumers have to take the price set by the dealer. D) Both answers B and C are correct.
Under the Bretton Woods system the international reserve currency was the
A) U.S. dollar. B) British pound. C) German mark. D) Japanese yen.