If consumers have limited information about price and search costs exist, then
A) the result must be that all firms will charge the same price.
B) the monopoly price must result.
C) the full-information, competitive price is not an equilibrium.
D) the difference in prices between firms will be greater than the search cost.
C
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Representative democracy makes no sense from an economic point of view
a. True b. False
The price of chocolate chips has increased. For the producers of chocolate chip cookies, this means:
A. they can supply more at each price because the price of a main input has gone up. B. they can supply more at each price because of more competition. C. they can supply less at each price because the price of a main input has gone up. D. they can supply more at each price because some of the competition will drop out.
What is the limitation of using exchange rate-based measures as indicators of the standard of living across countries?
What will be an ideal response?
A repeated game:
A. can be finite or infinite. B. is formed by playing a simpler game many times in succession. C. is a multiple-stage game. D. All of these are true about repeated games.