Comparative advantage is always a(n)concept.

A perfect market would have all but which of the following characteristics?

A) Infinitely divisible securities B) Asymmetric information C) Buyers and sellers of financial instruments would know the true quality of what they are buying and selling. D) Buyers and sellers could transact with each other without cost (no transactions costs).

The income and substitution effects of a change in the wage rate

a. always work in the same direction b. always work in opposite directions c. work in opposite directions only if the change is a decrease d. work in the same direction only if the change is an increase e. work in the same direction only if the change is a decrease