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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 10: Utility and Demand | Unit 3: Complex Choices Page: 8 of 21

Topic: Two Goods <=PAGE BACK | PAGE NEXT=>

  • In the real world, my decision would not about going to the beach.
  • I would choose between going to the beach and pursuing other activities.

    The analysis involving the choice of two goods:

    • Time at the beach
    • Time at the amusement park

  • Clearly both activities are enjoyable.
  • I would like to do both.

  • I suspect, however, that I will be facing assorted constraints that will force me to choose, to make a decision.

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MARKET SUPPLY

The combined supply of everyone willing and able to sell a good in a market. Market supply is one half of the market. The other is market demand. It is graphically represented by a positively-sloped market supply curve, which can be derived by combining, or adding, the individual supplies of every seller in the market.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for jovial bank tellers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"An idea is never given to you without you being given the power to make it reality."

-- Richard Bach, Author

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