Credit bureaus provide credit histories to banks and insurance companies, in order to help deal with the problem of:
A. Public goods
B. Externalities
C. Moral hazard
D. Adverse selection
D. Adverse selection
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If the price of a product falls below average total cost in the short run, the firm:
a. has an economic profit. b. cannot cover total fixed costs. c. experiences a loss. d. must always shut down. e. should expand output until MC = MR.
Arrow's impossibility theorem shows that it is impossible to find a better voting system than pairwise majority voting
a. True b. False Indicate whether the statement is true or false
Which of the following was considered a mild recession?
A. 1937-1938 B. 1973-1975 C. 1981-1982 D. 1990-1991
Figure 6.1 shows the cost structure of a firm in a perfectly competitive market. If the market price is $40 and the firm is currently producing the profit-maximizing output level, the firm's profit is:
A. $7,200. B. $9,000. C. $27,000. D. $36,000.