Adverse selection:
A. usually causes prices to adjust faster than they otherwise would.
B. results in fewer market transactions.
C. increases the efficiency of most markets.
D. makes it easier for all customers to find what they want.
Answer: B
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The total variable cost curve ________ because ________ as output increases
A) slopes upward; variable cost increases B) slopes upward; marginal cost increases C) slopes downward; variable cost increases D) slopes downward; marginal cost increases E) is horizontal; fixed cost does not change
The hyperinflation of the Revolutionary War period was in part caused by the issuance of paper money with a face value in ______ of dollars
a. millions b. tens of millions c. hundreds of millions d. billions of dollars
Over time, the Phillips curve has:
a. remained stable. b. shifted downward. c. shifted upward. d. has become positively sloped.
When aggregate demand shifts left along the short-run aggregate supply curve,
a. unemployment and prices rise. b. unemployment rises and prices fall. c. unemployment falls and prices rise. d. unemployment and prices fall.