Problem
1. Explain three differences between contracts offered by microfinance institutions and standard contracts offered by commercial banks.
2. Comment on the merits of the following statement: "Competition is generally viewed by economists as a good thing, yet microfinance institutions often disagree about this even when they are not pursuing profits."
3. Comment on the merits of the following statement: "Microfinance institutions that extend individual loans often request some kind of collateral, and therefore are biased against the poor." Use table 5.4 as reference.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.