The time span between the beginning of a downturn and the time by which hard data to indicate a downturn is made available is called:

Kisa consumes the same amount of cigarettes each week regardless of her income (assume that her income is sufficiently large such that the quantity is affordable). The Equivalent Variation equals the Compensating Variation

Indicate whether the statement is true or false

In the presence of asymmetric information,

A) all contracts are efficient. B) efficiency in risk bearing cannot be achieved. C) a trade-off exists between risk-bearing efficiency and production efficiency. D) no contracting will take place.