Reading Consumer Reports before buying a used car:
A. helps buyers increase their chances of avoiding a lemon, or low-quality car.
B. does not help buyers because magazines only cover new car sales, not used car sales.
C. makes warranties on used cars unnecessary.
D. is irrational because the cost of the magazine is greater than the benefit of the information.
Answer: A
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The production function 
can have increasing returns to scale or decreasing returns to scale -- but it cannot have initially increasing and eventually decreasing returns to scale.
Answer the following statement true (T) or false (F)
An industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost is called a
A) legal monopoly. B) natural monopoly. C) single-price monopoly. D) one-firm monopoly.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.
A deductible is the
A. amount of covered expense that an individual will have to pay before the insurance company pays anything. B. percentage of a covered expense that an individual will have to pay. C. amount of covered expense that an insurance company will have to pay before the individual pays anything. D. percentage of a covered expense that an insurance company will have to pay.