When someone contracts to do a task but fails to put full effort into the performance of an agreement, yet the lack of effort is not independently verifiable, this lack of effort constitutes a

Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded

A) large; small increase B) small; large decrease C) large; small decrease D) small; large increase

Why don't consumers work in the two-period model?

A) It's a convenient simplification. B) It would make no difference to the model if consumers could work. C) People who participate in real-world credit markets do not work. D) We don't know how to include workers in the model.