After John discovered he had a serious illness, he immediately purchased health insurance without disclosing his illness to the insurance company. This is an example of adverse selection

Which of the following is a possible reason for there being so few firms in oligopoly market structures?

a. easy to enter or exit the industry b. economies of scale c. differentiation of the product d. none of the above are reasons for so few firms in an oligopoly

The wage-schooling locus fails to allow researchers to test the theory that people choose education levels to maximize lifetime earnings because of self-selection. In this context, self-selection refers to

A. people letting their ability dictate, in part, how much education they complete. B. firms paying more educated workers a higher wage than they pay less educated workers. C. college graduates selecting their occupation later in life. D. firms hiring workers of varying ability. E. college students completing high-wage majors.