A technological advancement has just occurred in the phone camera industry. In the computer chip market this will lead to
A) an increase in price and a decrease in quantity.
B) an increase in price and an increase in quantity.
C) a decrease in price and a decrease in quantity.
D) a decrease in price and an increase in quantity.
Answer: D
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An example of moral hazard is
a. workers shirking when the boss is not looking b. health care insured workers dieting and exercising c. drivers of safer cars turning their phones off before driving d. borrowers investing their loan proceeds exactly as the bank requires
If Slick Shades, a sunglasses manufacturer, has a contract with Best Lens, a lens manufacturer, to supply lenses needed to make the sunglasses, and the managers of the two firms both paid lawyers' fees to prepare the contract, the lawyer fees are considered to be a(n) ________ cost.
A) enforcement B) monitoring C) negotiation D) information