Which of the following statements is true regarding potential information problems faced by consumers?
a. Sellers have little incentive to inform customers about their products.
b. The market provides consumers with a strong incentive to acquire information.
c. Information problems tend to be most problematic for items consumers purchase regularly.
d. In markets, people make all decisions with full information.
B
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When you make the decision to spend your time attending class, which economic question are you answering?
A) Why? B) What? C) How? D) Is this in the social interest? E) For whom?
According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the highest level of income equality?
A) Portugal B) United States C) Norway D) Russia
In long-run equilibrium in perfect competition, every firm is producing at minimum average cost
a. True b. False Indicate whether the statement is true or false
When the price is $2
A. quantity supplied is greater than quantity demanded and, therefore, price must rise to get to equilibrium.
B. quantity supplied is less than quantity demanded and, therefore, price must fall to get to equilibrium.
C. quantity demanded is greater than quantity supplied and, therefore, price must rise to get to equilibrium.
D. quantity demanded is greater than quantity supplied and, therefore, price must fall to get to equilibrium.