Author Question: If a good is scarce A) some criteria must be established to determine who gets what. B) its ... (Read 35 times)

P68T · **on:** Jun 29, 2018

If a good is scarce

A) some criteria must be established to determine who gets what.
B) its price is above the market-clearing level.
C) its price is below the market-clearing level.
D) the quantity demanded is greater than the quantity supplied.
E) the supply is less than the demand.

Question 2

________ occurs when one agent in a transaction knows about a hidden characteristic of a good.

A) The free-rider problem
B) The tragedy of the commons
C) Adverse selection
D) Moral hazard