One result of the financial meltdown of the late 2000s was that mortgage institutions ________ and ________ were brought under direct control of the government

Adverse selection is caused by

a. Hidden actions b. Hidden information c. Both of the above d. None of the above

In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its

A) explicit costs plus its implicit costs. B) fixed costs. C) implicit costs. D) explicit costs.