If a good is scarce A) some criteria must be established to ...

[P68T]

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

[mfedorka]

Answer to Question 1

A

Answer to Question 2

C

[P68T]

Wow, this really help

[Jsherida]

Thanks for the timely response, appreciate it