For much of its history, General Motors was characterized by having versions of the same car with different nameplates, e.g., Chevrolet vs. Cadillac. This business model has seemed less successful in recent years. What might explain this?
A) Consumers have more information concerning costs and quality.
B) Consumers have more information concerning costs but not quality.
C) Sellers have more information concerning costs but consumers have more information about quality.
D) Consumers have less information concerning costs and quality.
A
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As a perfectly competitive firm produces more and more of a good, its economic profit
A) constantly increases. B) constantly decreases. C) first decreases, then increases. D) first increases, then decreases. E) does not change.
The ______________ Resource Model illustrated in the book shows the interdependence of resources, how they exchange
a. Foa & Foa b. Elbing c. Hertford & Myers d. Eccles & Ward
The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence. B) is known as product differentiation. C) leads to many firms in the market. D) leads to collusion.
Analysts cite figures on the number of uninsured in the U.S. as low as 10 million and as high as 60 million. Which of the following is a true statement?
a. The uninsured are all free riders. b. Most of the uninsured have health problems and are not able to get private health insurance. c. Most of the uninsured have some labor-force connection—either working or a dependent of someone who is working. d. The lack of health insurance means that the individual has virtually no access to medical care. e. Once you lose your health insurance it is extremely difficult to get reinsured.