Unanticipated inflation is associated with cost increases which are not expected
Indicate whether the statement is true or false
TRUE
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Regarding the frustration of purpose doctrine, which of the following statements is true?
a. the purpose for which seller entered into the contract has become illegal b. the purpose for which buyer entered into the contract has become illegal c. the purpose of the contract has become illegal d. the contract no longer facilitates deferred exchange
Moral hazard and adverse selection are both examples of
a. the principal-agent problem. b. externalities in consumption. c. efficiency in markets. d. perfect information. e. asymmetric information.
The opportunity cost doctrine suggests that which of the following are not costs of government educational programs? a. The wages of teachers
b. The foregone earnings of participants. c. Stipends paid to participants. d. Materials used by students.
If the model of price-taking firms is so unrealistic and restrictive, why study it?