Oligopoly:
a. Does not meet the condition for allocative efficiency.
b. Does not meet the condition for productive efficiency.
c. May lead to greater technological progress

Which of the following is an application of the adverse-selection problem?

a. a customer driving more recklessly after buying car insurance. b. a teenager "hanging out" with friends his or her parents do not approve of. c. shareholders offering a high-powered incentive contract to a manager. d. an auto repairman claiming that the repairs are more extensive than they actually are.

The short run is that period during which there are no fixed commitments

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