Suppose Your Economics Professor Has an Extra Copy of Textbook

question 21

Multiple Choice

Suppose your economics professor has an extra copy of textbook that he or she would like to give to a student in the class. Which of the following schemes is the most likely to result in an efficient outcome?

• A)Randomly selecting one student to receive the textbook.
• B)Auctioning off the textbook to the highest bidder.
• C)Letting students take turns using the textbook.
• D)Giving the textbook to the student who has the lowest midterm score.

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Definitions:

Compassion

An emotional response that involves recognizing another's suffering and feeling motivated to alleviate it.

Competence

The ability of an individual to do a job properly, possessing the required skills, knowledge, and qualification to perform effectively.

Self-diagnosis

The process of identifying or determining a condition, illness, or disease by oneself, without professional medical advice.

Judgmental

The tendency to make quick and often critical assessments about something or someone.