When studying the market for resources, it is important to understand that:
a. resources are wanted not for themselves, but for what they produce.
b. demand for resources is generally inelastic in nature.
c. derived demand does not apply to the resource market.
d. resource markets do not conform to the laws of supply and demand as other markets do.
e. supply is much more important than demand in determining the price of a resource.
a
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Part of the contract curve can be found by connecting points
A) a and b. B) a and c. C) b and d. D) c and d.
An example of moral hazard is
a. A taxi driver paid per mile taking the shortest route b. a piece-rate garment worker shirking less than a per hour worker c. an hourly salesman working harder than a commission salesman d. an author on contract going to as many book signings as one with a percentage royalty rate