Which of the following is NOT a likely market solution to the lemons problem?
A) average cost pricing
B) product warranty
C) industry standard
D) product certification
A
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In response to a shortage the market price of a good will rise; as the price rises, the demand will decrease and supply will increase until equilibrium is reached
Indicate whether the statement is true or false
The balance of trade records
A) trade in financial assets. B) the current account plus long-term capital. C) the value of merchandise exports minus imports. D) short-term capital plus the basic balance.
When economic profits are negative, accounting profits could be:
A. positive. B. negative. C. zero. D. All of these are possible.
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.