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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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LRAS
Long Run Aggregate Supply
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