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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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Lesson Contents
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Unit 1: The Set Up |
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Unit 2: A Simple Choice |
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Unit 3: Complex Choices |
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Unit 4: On To Demand |
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Unit 5: Beyond Demand | |
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Utility and Demand
This lesson undertakes a detailed investigation into the decision-making process underlying the purchase of goods and services. Doing so provides a behind-the-scenes examination of market demand, offering an explanation for the inverse relation between demand price and quantity demanded that is the law of demand. - The first unit of this lesson, The Set Up, begins with a review of the market demand and consumer demand theory.
- In the second unit, A Simple Choice, we examine the decision-making process for purchasing a single good.
- The third unit, Complex Choices, then complicates matters slightly by adding a second good into the decision making mix.
- The fourth unit, On To Demand, presents the rule of consumer equilibrium that captures the essence of this decision-making process and how it helps explain the law of demand.
- The fifth unit and final unit, Beyond Demand, explores how consumer demand theory provides insight to noneconomic choices, demand elasticity, and market supply.
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AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE A scientific society whose main mission is to advance science and innovation throughout the world. The American Association for the Advancement of Science (AAAS for short) publishes one of the most respected scientific magazines called Science. The association and magazine have nearly 140,000 individual and institutional subscribers, plus 272 affiliated organizations in more than 130 countries, serving a total of 10 million individuals. The American Association for the Advancement of Science was founded in 1848 to represent all disciplines of science and to support scientific exchange and discussion of science and society issues.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope
This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe." -- Sir Winston Churchill
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AVC
Average Variable Cost
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