Which of the following is a government response to asymmetric information?
A) product guarantees
B) external product certification
C) manufacturer's warranties
D) government licensing
Answer: D
Economics
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The table above shows the demand and costs for a single-price monopolist. The maximum economic profit this firm can make equals
A) $1,390. B) $1,550. C) $1,580. D) $2,400.
Economics
Which of the following is NOT an assumption of the classical model?
A) Wages and prices are flexible. B) People are motivated by self-interest. C) Money illusion exists. D) Pure competition exists.
Economics
What is the difference between a change in demand and a change in quantity demanded?
Economics
Explain why people might work less if the wage increases.
What will be an ideal response?
Economics