If the bidders at an oral auction have true values of $8, $7, $6, and $5, the item will sell for

Suppose that a provider of health insurance is concerned that a policy holder will eat unhealthy foods during the lifetime of their insurance contract. The insurer faces the problem of ________

A) Antediluvian intransigence B) opportunity costs C) moral hazard D) adverse selection

In general, with a monopolist's outcome, total surplus is:

A. higher than that of a competitive market. B. lower than that of a competitive market. C. the same as that of a competitive market. D. Any of these is possible.