Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium quantity?

Today, Julie attended her 12:30 Economics class. If she hadn't gone to class, Julie would have gone out to lunch with friends. She had other options; she could have worked or slept in. Julie's opportunity cost of going to class is the

A) income from working she gave u

Two consequences of asymmetric information are adverse selection and moral hazard. An important distinction between the two is

A) adverse selection exists prior to the completion of a transaction while moral hazard occurs after the transaction is completed. B) moral hazard exists prior to the completion of a transaction while adverse selection occurs after the transaction is completed. C) moral hazard leads to an inefficient quantity while adverse selection leads to an efficient quantity. D) adverse selection leads to an inefficient quantity while moral hazard leads to an efficient quantity.