1) What is the term that describes a situation in which
one party to an economic transaction has less information than the
other party?
Select one: A (inefficient market hypothesis),
B (asymmetric information), C
(unequal market structure), D(monopsony)
2) Economists have estimated that the cross-price
elasticity of demand between beer and spirits is -0.50, the income
elasticity for spirits is 1.21 and the income elasticity for wine
is 5.03. These elasticities mean that beer and spirits are
________, and spirits...