Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be

By requiring that applicants for insurance policies fill out lengthy forms and take a physical examination, insurers attempt to guard against

a. symmetrical information b. adverse selection c. natural selection d. moral hazard e. the winner's curse

Programs that limit the eligibility of transfer recipients to those with low income are called

a. social security programs. b. means-tested programs. c. single-parent family programs. d. social insurance programs.