Essay
Your economics professor has probably told you that there will be a final exam in your economics class.The main reason for this final exam is to make sure that everyone has an incentive to work hard, come to class and read the textbook.When the day of the examination comes, however, it seems as if everyone would be better off if the professor cancelled the exam.You wouldn't have to take the exam, and your professor wouldn't have to mark it.Do you think your economics professor is likely to cancel the exam? Why not? What economic idea does this illustrate?
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