Which of the following markets would reach long-run equilibrium fastest?

In order to lessen the monitoring problems and opportunistic behavior of a franchisor and a franchisee, franchise contracts:

a. create provisions for high liquidated damages. b. are complete in all respect. c. have similar fixed charge and royalty arrangements. d. include certain flexible clauses.

Studies of human decision making reveal several systematic mistakes people make. Which of the following is not an example of one of these mistakes?

a. Tom tells everyone he's sure he can run a 5K in twenty-five minutes, but then tries a couple of times and takes over thirty minutes. b. Kate hears a news report about five people dying from a tornado in Kansas and decides to cancel her plans to visit her aunt there. c. Randi is a strong proponent of raising the minimum wage. She reads a research report on the effects of increasing the minimum wage and begins to doubt her previous thinking. d. Jenny is shopping for a new car and has found that Hondota cars consistently get high quality ratings. Her friend had trouble with her Hondota, so Jenny decides not to purchase a Hondota.