Asymmetric information describes a situation in which
a. one side of the market – buyer or seller – has more information about the good than does the other side.
b. advertising dominates whatever information consumers have about the good
c. only the seller has information about the good
d. only the buyer has information about the good
e. price is unknown until market day
A
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All centrally planned economies
A) have been political dictatorships. B) started out as market economies. C) have become mixed economies. D) began as mixed economies.
"Extractive industries" include the production of all of the following products except:
a. fur. b. lumber. c. naval stores. d. bread.
Which of the following statements about costs is correct?
a. When marginal cost is less than average total cost, average total cost is rising. b. The total cost curve is U-shaped. c. As the quantity of output increases, marginal cost eventually rises. d. All of the above are correct.
Suppose that, in a fixed effects analysis, controlling for the policy intervention in the current time period, the next period’s policy assignment predicts the outcome in the current period. This means that the research design is valid.
Answer the following statement true (T) or false (F)