_____ is an example of a black market activity
a. Purchasing weapons in an alley
b. Purchasing cars from an authorized dealer
c. Purchasing furniture from a shop
d. Purchasing drugs from a pharmacy
a
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John's utility of wealth curve is shown in the above figure. He currently has wealth of $20,000 and there is a 10 percent chance of losing it all. John is
A) willing to pay any price for insurance. B) willing to pay no more than $2,000 for insurance. C) willing to pay no more than $3,000 for insurance. D) willing to pay $5,000 for insurance.
Product differentiation
A) is possibly welfare enhancing if new products match consumer preferences better. B) is welfare reducing even if new products match consumer preferences better. C) is welfare enhancing even if new products do not match consumer preferences better. D) is welfare reducing even if new products do not match consumer preferences better.