5 questions .

Kyle went to the market to buy Good X. He was willing to pay up to $2.50 per unit of the good. However, he expected some units of the good to be defective. Therefore, when the seller asked a price of $2.30 per unit, he refused to pay more than $2 for each unit. If the seller knows which units of the good are defective, what is most likely to happen in this case?

A company facing the problem of moral hazard decided to lay off some workers during a recession instead of lowering wages. What is the possible reason for such a decision?

Some health insurance companies pay only 70 percent to 80 percent of the medical costs incurred by their customers. What is the reason for this?

Used cars in Matteson sold for about 20 percent less than new cars of the same model manufactured in the same year. However, price differences were reduced when certified used car dealers entered the market for used cars in Matteson. What explains this phenomenon?

Why do the owners of good-quality used cars stay away from the market for used cars?

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