Often when consumers enter the used car market to make a purchase,
a. they know little about what they are purchasing.
b. the motto "let the buyer beware" applies.
c. the information they gain may not be perfect, but may be what economists call "optimally imperfect."
d. All of the above are correct.
d
You might also like to view...
Marginal revenue:
A) is the change in total revenue associated with producing one more unit of output. B) is the product of the price of a good and its quantity sold minus the cost of production. C) is always greater than the total revenue. D) is always equal to the price of the good.
The real wage rate measures the quantity of goods and services an hour's work will buy
Indicate whether the statement is true or false
When the price of the good or service it produces rises, the firm's
A) demand for labor curve shifts rightward. B) demand for labor curve shifts leftward. C) demand for labor curve remains unchanged. D) output decreases.
What does the law of supply state?
a. Price and quantity demanded are inversely related. b. An increase in demand will cause a leftward shift in the supply curve. c. Price and quantity supplied are positively related. d. A shift in the supply curve must be the result of a change in prices.