Real estate agents have been found to keep their own homes on the market longer and sell their homes for more than comparable homes of the individuals they represent. This phenomenon is best described by which of the following concepts?
a. Adverse selection
b. Moral hazard
c. Availability bias
d. Time inconsistency
b
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The phone bill for a company consists of both fixed and variable costs. Refer to the four-month data below and apply the high-low method to answer the question. Minutes Total Bill January 480 $4000 February 200 $2700 March 170 $2640 April 320 $2855 What is the fixed portion of the total cost?
The difference between the market price of a new car used by a firm and the market price of the same car one year later is known as
A) economic depreciation. B) physical depreciation. C) economic deterioration. D) physical deterioration.
The main rationale for government regulatory functions is
A) to regulate for-profit institutions. B) to make sure that firms are maximizing profits. C) to expand the scope of the government. D) to protect consumer interests.
Which of the following is a characteristic of a monopoly?
a. a large number of sellers b. homogeneous products c. large barriers to entry d. price taking firms