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Author Question: You want to add a new room on your house, but you are not familiar with the local building ... (Read 42 times)

Redwolflake15

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on: Jul 1, 2018
You want to add a new room on your house, but you are not familiar with the local building contractors and are not sure who to consider for the job.
 
  If you ask your friends for referrals, you are using their past experience as a way to evaluate the ________ of the builders. A) efficiency wages
  B) moral hazard
  C) asymmetric information
  D) reputation

Question 2

When the price of wood (which is an input in the production of furniture) falls, the consumer surplus associated with the consumption of furniture
 
  A) increases.
  B) decreases.
  C) does not change.
  D) could be any of the above.


Fayaz00962

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

A


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