Free markets produce allocatively efficient outcomes and have no flaws
a. True
b. False
Indicate whether the statement is true or false
False
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How does the time frame over which a supply decision is made influence the elasticity of supply? Explain your answer
What will be an ideal response?
Adverse selection can occur when
A) all persons involved in a transaction have full information. B) one person has information not available to others. C) post-agreement incentives result in workers shirking. D) nobody has any information about a particular product.
The percentage of national income spent on health care
A) has steadily decreased since 1965. B) has steadily increased since 1965. C) increased until the end of the 1970s and then decreased in the 1980s and 2000s. D) decreased until the end of the 1970s and then increased in the 1980s and 2000s.
Andre decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700 . How much did Andre pay for his computer?
a. $700 b. $2,300 c. $3,000 d. $3,700