Please answer question 1 1. Does the first welfare theorem apply to the market for oil and gas? Explain youranswer in one or two sentences.2. Cyclists travel faster on their bicycles when wearing helmets. Is this an example ofadverse selection or moral hazard? Explain your answer.3.On Monday, a coffee shop has one worker and one coffee machine. The managerhires a second member of staff on Tuesday. The two workers argue with each other andproduction on Tuesday is less than it was on Monday. What technical assumption overproduction functions does this violate? Explain your answer.4.Chess is an example of a simultaneous move game - true or false. Explain youranswer.

According to the first welfare theorem, which is a cornerstone of economic theory, every…

Answered: 1. Does the first welfare theorem apply…

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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.

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Question

Please answer question 1

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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