A Contest Is a Good Way to Allocate Scarce Resources

question 54

Multiple Choice

A contest is a good way to allocate scarce resources when

• A) the efforts of the players are hard to monitor directly.
• B) the lines of responsibility are clear.
• C) the decision being made affects a large number of people.
• D) there is no effective way to distinguish among potential users.

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Definitions:

Effective Paraphrase

The technique of rewording a text or passage to achieve better clarity and understanding while retaining the original meaning.

Person's Emotions

The complex psychological states that arise as a response to certain stimuli, reflecting a person's mood, temperament, personality, and motivation.

Overwhelmed

A feeling of having too much to handle, either emotionally or physically, leading to stress or anxiety.

Meta-Cognitions

Thoughts we have about what others are saying, to help us make sense out of what we are hearing.