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Exam 2)ECON 201 Exam 2 :(UTK Bueckman): Latest Updated Solution

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Adverse Selection (Ans – refers to the problem in which the buyers of insurance have more information about whether they are high-rick or low-risk than the insurance company does Moral Hazard (Ans – refers to the case when people engage in riskier behavior with insurance than they would if they did not have insurance Excludability (Ans – a person can be prevented from using resources Rivalry in consumption (Ans – one person's use diminishes other people's useCommon resources (Ans - "open-access resources"; not excludable, cannot prevent free riders Free rider (Ans - a person who receives the benefits of a good but does not pay for it

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Institution: Williston State College
Course: ECON 201

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Uploaded on: May 22, 2025
Number of pages: 11
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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adverse selection
moral hazard ans refers to the case when people
excludability ans a person can be prevented fro

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Exam 2)ECON 201 Exam 2 :(UTK Bueckman): Latest Updated Solution

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