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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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GOVERNMENT FAILURES Inefficiencies in the allocation of resources attributable to imperfections in the operation of governments. Government failures are based on the utility-maximizing behavior of politicians, voters, nonvoters, special interest groups, and government employees. The identification and analysis of government failures is central to the study of public choice and offers something of a counterbalance to government actions designed to address the inefficiencies of market failures.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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FRS
Federal Reserve System
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