The natural unemployment rate and the expected inflation rate are constant when moving along the ________, which shows a tradeoff between ________ and ________

In the presence of a negative externality generated by producing a good, a competitive market will produce more of that good than is socially optimal

What will be an ideal response?

Adverse selection in insurance requires that

a. all people face the same risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are risk averse d. insurers can tell higher risk people from lower risk people