When sellers have better information about product quality than do buyers, lower-quality products tend to become more common in the market
a. True
b. False
A
You might also like to view...
Which of the following is TRUE?
A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Economic efficiency depends only on what is feasible. C) If production is technologically efficient then it must be economically efficient. D) None of the above statements are correct.
During a banking panic, c ________, e ________, and the money supply ________
A) rises, rises, falls B) rises, falls, is unaffected C) falls, falls, is unaffected D) falls, rises, rises E) falls, falls, falls
Policies which promote good governance of a society are:
A. based on favoritism. B. not important to pursue in developing countries. C. central to economic growth. D. uncommon in nations with high growth rates.
In a competitive labor market, at wages above equilibrium, the:
a. quantity demanded of labor is greater than the quantity supplied b. MRP of labor curve shifts to the right c. labor-supply curve will shift to the left d. quantity supplied of labor is greater than the quantity demanded