The potential for a decline in product quality due to asymmetric information is commonly referred to as

Blutarsky is throwing a party at his Fraternity and is trying to choose what booze to buy. A bottle of vodka has four times the alcohol as a six-pack of beer

If Blutarsky only cares about the total amount of alcohol in his basket, what is his marginal rate of substitution of bottles of vodka for six-packs of beer? Devise a utility function to represent these preferences.

Under the U.S. patent system, a patent application must provide evidence that the invention works, and that is based on another invention

a. True b. False Indicate whether the statement is true or false