The goods and services provided by hospitals, doctors, therapists, and pharmacies are collectively referred to as ________

What is adverse selection?

A) It refers to the situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction. B) It refers to the actions people take after they have entered into a transaction that make the other party to the transaction worse off. C) It refers to the private, self-interested actions people that people pursue, which when taken collectively leads to a loss in economic surplus. D) It refers to the actions people take before they enter into a transaction so as to mislead the other party to the transaction.

A specialized rice grower sells rice in two markets, the United States and Japan, and the marginal cost is the same in both markets. The price elasticity of demand in the United States is -2.0, and the price elasticity of demand in Japan is -1.5

If the grower practices group price discrimination, which country's consumers will pay a higher price and by how much?