25. Solutions for information asymmetries include all of the following except:A) labeling requirements.B) Pigouvian taxes.C) deductibles.B) anti-lemon laws.26. The Tragedy of the Commons occurs when there is a good that is:A) nonrivalrous and nonexcludable.C) rivalrous but nonexcludable.27. In which of the following market structures is there only one buyer?A) Monopolistic competition. B) Oligopoly. C) Monopsony. D) Monopoly.28. bank charges higher interest rates on mortgages and therefore only ends up with bad creditrisks is an example of which phenomenon?A) Principal/Agent Problem. B) Adverse Selection. C) Monopsony. D) Moral Hazard.B nonrivalrous but excludable.B) rivalrous and excludable.Extra Credit:Econstant-cost industry is one in which:A) a higher price per unit will not result in an increased output.B) if 100 units can be produced for $100, then 150 can be produced for $150, 200 for $200, andso forth.C) the demand curve and therefore the unit price and quantity sold seldom change.D) the total cost of producing 200 or 300 units is no greater than the cost of producing 100 units.2. Building to a scale that minimizes long-run costs" is which type of efficiency?A) Efficiency in Output.B) Efficiency in Production.C) Efficiency in Profit Maximization.D) Efficiency in Scale.3. In which of the following market structures are there many firms selling differentiatedproducts?A)B)Monopolistic competition. C)Perfect competition.D)Monopolistic competition. C)Perfect competition.D)Oligopoly.Monopsony.3. In which of the following market structures would best describe the cola market?A)Oligopoly.B)Monopsony.

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Answered: 25. Solutions for information…

25. Solutions for information asymmetries include all of the following except: B) Pigouvian taxes. B) anti-lemon laws. A) labeling requirements. C) deductibles.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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