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1. Does the first welfare theorem apply to the market for oil and gas? Explain your answer in one or two sentences.

1. Does the first welfare theorem apply to the market for oil and gas? Explain your answer in one or two sentences.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Does the first welfare theorem apply to the market for oil and gas? Explain your answer in one or two sentences. 2. Cyclists travel faster on their bicycles when wearing helmets. Is this an example of adverse selection or moral hazard? Explain your answer. 3. On Monday, a coffee shop has one worker and one coffee machine. The manager hires a second member of staff on Tuesday. The two workers argue with each other and production on Tuesday is less than it was on Monday. What technical assumption over production functions does this violate? Explain your answer. 4. Chess is an example of a simultaneous move game - true or false. Explain your answer.
Transcribed Image Text:1. Does the first welfare theorem apply to the market for oil and gas? Explain your answer in one or two sentences. 2. Cyclists travel faster on their bicycles when wearing helmets. Is this an example of adverse selection or moral hazard? Explain your answer. 3. On Monday, a coffee shop has one worker and one coffee machine. The manager hires a second member of staff on Tuesday. The two workers argue with each other and production on Tuesday is less than it was on Monday. What technical assumption over production functions does this violate? Explain your answer. 4. Chess is an example of a simultaneous move game - true or false. Explain your answer.
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