Recall the Application. Baseball players who switch teams are more likely to suffer from injuries because the player's ________ team has superior information concerning the health of the player and, if they believe the player will be prone to injury in the future, they ________ be willing to outbid another team.
A) new; will not
B) old; will not
C) new; will
D) old; will
94) Recall the Application. The market for baseball pitchers suffers from an asymmetric information problem because:
A) the pitcher's current team has superior information concerning the health of the pitcher.
B) the potential new teams have superior information concerning the health of the pitcher.
C) baseball teams never sign injury-prone pitchers.
D) a physical exam ensures that both the player's current team and potential new teams have the same information concerning the player's health.
95) Recall the Application. The market for baseball players suffers from adverse selection because ________ the used car market, buyers (potential new teams) ________ goods (pitchers) that are lemons (low quality).
A) unlike; have difficulty identifying
B) like; have difficulty identifying
C) unlike; can more easily identify
D) like; can more easily identify
96) Recall the Application. Pitchers who switch teams ________ pitchers who do not switch teams.
A) spend more time on the disabled list, on average, than
B) spend less time on the disabled list, on average, than
C) spend exactly the same amount of time on the disabled list as
D) are less injury-prone than
97) There is asymmetric information in the used car market because sellers cannot distinguish between lemons (low-quality) and plums (high-quality) but buyers can.
98) If a typical consumer is willing to pay $3,000 for a plum and $1,000 for a lemon, and there is a 50% chance of getting a lemon, the typical consumer is willing to pay $2,000 for a used car.
99) If eight lemons (low quality) and two plums (high quality) are supplied and buyers assume that there is a 40% chance of getting a lemon, there is an equilibrium.
100) When buyers assume that there is a 70% chance of getting a lemon, and seven lemons (low quality) and three plums (high quality) are supplied, there is an equilibrium.
101) In the used car market, the adverse selection problem refers to the fact that a buyer must choose a used car from an undesirable selection of cars.
102) One result of adverse selection in the used car market is that few plums (high-quality) are sold.
103) In a market for used cars, if the minimum supply price for plums is lower than consumers' willingness to pay for a lemon, only plums will be supplied at the consumers' willingness to pay for a lemon.
104) If the minimum price of plums (high-quality) decreases, the market will become thinner.
105) There are profit opportunities in a thin market because the gap between what a buyer is willing to pay for a true plum and the amount a plum owner is willing to accept is large.
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