Which of the following is a substitute way of describing what economists mean by the concept of utility?
a. money
b. displeasure
c. satisfaction
d. action
e. practicality
C
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Whether or not a pooling equilibrium exists in a competitive market with adverse selection depends on what fraction of consumers is of the high cost type and what fraction is of the low cost type.
Answer the following statement true (T) or false (F)
Contracting for Lawn Mowing Services An apartment owner advertises for lawn mowing services for a number of apartments he owns. He has some idea of the going price and so he advertises that he will pay $100 per month per apartment complex. So why is he disappointed that the winning contractor only provides minimal services?
Police officers earn higher wages in part because of the dangers associated with their profession
a. True b. False Indicate whether the statement is true or false
Assuming free trade between countries, exchange rates will change so that goods cost the same in all countries. This concept is known as the
a. long-run equilibrium theory. b. exchange rate equalization theory. c. interest rate parity theory. d. purchasing power parity theory.