The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Ten percent (10%) of all cars are lemons. Which of the following statements is true?
A) All of the cars will be sold.
B) No cars will be sold.
C) Only lemons will be sold.
D) Only good cars will be sold.
A
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________ is the study of how individuals, households, governments, and firms make choices and how those choices affect prices, the allocation of resources, and the well-being of other agents
A) Macroeconomics B) Monetary economics C) Microeconomics D) Growth theory
Private profits provided colonial producers with incentive to direct the use of their regional resources in those fashions that produced the highest yield in world markets
Indicate whether the statement is true or false
Economists have found evidence of a Giffen good when studying the consumption of rice in the Chinese province of Hunan
a. True b. False Indicate whether the statement is true or false
Symbols used by the leaders in an organization are unlikely to be effective in motivating employees to take particular actions unless reinforced by:
A. the government. B. the shareholders. C. the reward system. D. the board of directors.