What are the disadvantages of a standard form contract?
A standard-form contract like an insurance policy may be difficult to tailor to the particular situations of some people, who will either require costly special provisions or be forced to do without beneficial coverage.
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Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $71 from the auction, she can infer that
a. Both the bidders were high value bidders b. Both the bidders were low value bidders c. One of the bidders was high value, while the other was low value d. All of the above
Which of the following will shift today's supply curve to the right?
A) Input prices rise. B) Sales taxes increase. C) Prices are expected to be higher in the future. D) Prices are expected to be lower in the future.