When a major league baseball player's contract has expired, he can either sign a new contract with his current team or become a free agent and sign a contract to play with a different team.
If adverse selection is a problem in the market for major league ball players, who do you think are more likely to be injured the season after they sign a new contract: players who re-sign with their current team or players who sign with a new team? Explain.
Question 2
When every good or service is produced up to the point where the last unit provides ________, allocative efficiency occurs.
A) a marginal benefit to society greater than the marginal cost of producing it
B) a marginal benefit to society equal to the marginal cost of producing it
C) a marginal benefit to society less than the marginal cost of producing it
D) a marginal benefit to society equal to zero
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