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A) With asymmetric information, free markets may not lead to efficient outcomes because the market for a service or product may break down due to adverse selection. Explain what adverse selection is and why it might lead to market break down? Under what conditions is a market breakdown more likely?
Venture capitalists look for inventors with good ideas but venture capitalists may not be able to judge the quality of an idea as well as the inventor. Provide some ideas on how venture capitalists can separate inventors with good ideas from those with bad ideas.
Explain why you expect your idea to work?
B) In the second part of your essay, pick a market for a service or a product with asymmetric information. Explain the nature of asymmetric information and how the market is organized to alleviate the problem. Discuss whether the asymmetric information is overcome or not.
DIFFICULTIES IN MEASURING THE NATIONAL INCOME There are some conceptual and statistical problems in measuring national product. Some items are excluded from the national incom
In general, economists have found that as nations' levels of per capita real Gross Domestic Product (GDP) increase, A. the rate of population growth declines. B. the rate of
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Some manufacturing and agricultural products produced in the Midwest are exported to overseas markets. US consumers and businesses also purchase many products produced outside the
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