Internal Selection Is Virtually Identical to External Selection Both in Terms

question 10

True/False

Internal selection is virtually identical to external selection both in terms of the applicability of the logic of the prediction principle, and in terms of the relevance of data about past job experiences.

Understand the impact of expectations on supply behavior.

Identify the roles of transaction costs and how they affect market exchanges.

Recognize the conditions that lead to market disequilibrium and how markets adjust to changes.

Understand the concepts of substitution and income effects in response to price changes.

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