Typically, borrowers have superior information relative to lenders about the potential returns and risks associated with an investment project. The difference in information is called

Data on wages, education, and many other characteristics of the population that are available to anyone who wants to use it are called:

A) private-use data. B) public-use data. C) primary data. D) secondary data.

Which of the following statements is TRUE for both a competitive market and a single-price monopoly?

A) The firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost. B) The firm can make an economic profit in the long run. C) The price is set where the supply curve and demand curve intersect. D) The firm always produces at the lowest possible long-run average cost.