Imperfect information is:
A. a failure of regulators to correct the equilibrium price and quantity to their efficient levels.
B. an antitrust violation.
C. the monopoly power gained from one seller having a secret production practice.
D. a market failure that prevents consumers from making rational decisions.
Answer: D
You might also like to view...
If the money supply is $2 trillion and velocity is 5, then nominal GDP is
A) $1 trillion. B) $2 trillion. C) $5 trillion. D) $10 trillion.
An increase in the Consumer Price Index indicates that
a. the real income of households is increasing. b. the purchasing power of the dollar is increasing. c. the cost of buying the typical bundle of goods consumed by households is increasing. d. the real net worth of consumers is increasing.
YearCPI200594200699200710020081042009117Using the information in the table shown, the rate of inflation from 2005 to 2006 was:
A. 5.32 %. B. 5.05 %. C. 6.00 %. D. 5.00 %.
Exhibit 1A-8 Straight line relationship
For the relationship shown in Exhibit 1A-8, suppose the price of hamburgers increases and hamburgers are a substitute for pizza. What change would occur on the graph?
A. There will be a movement upward and to the left along the curve. B. There will be a movement downward and to the right along the curve. C. The curve will shift. D. The slope of the curve will become steeper.