In a market, buyers want to pay the ________ possible price and sellers want to charge the ________ possible price.
A. highest, highest
B. highest, lowest
C. lowest, lowest
D. lowest, highest
Answer: D
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When lenders are unable to get good information about the worthiness of a project the lender has the problem of
A) adverse selection. B) moral selection. C) moral hazard. D) adverse hazard.
Economic choice and competitive behavior are the result of
What will be an ideal response?
Suppose a recent study shows that in Country A, consumers pay an average of about $169,000 per job per year maintained by import protection. Given that these employees earned much less than $169,000 per year, it would be much cheaper to simply pay these workers not to work and impose no import restrictions. Why do you think that, in spite of the fact that there is a net loss in national well-being, the government of Country A has maintained these barriers?
What will be an ideal response?
By invoking the assumption of ceteris paribus, economists
A. consider the impact of all relevant factors. B. hold all variables constant when analyzing a model. C. exclude irrelevant detail when analyzing a model. D. isolate the impact of one single variable while holding all other variables constant.