In the arena of asymmetric information, standardization (for example, menus at McDonald's restaurants) is a substitute for
A) quality.
B) government regulation.
C) reputation of individual sellers.
D) firms' distinguishing among buyers.
E) firms' segregation of buyers.
C
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Use the following graph of total revenues to answer the question below. 
An increase in the quantity of product X demanded from 16,000 to 17,000 units implies that the price of product X was
A. reduced and the demand is inelastic. B. increased and the demand is inelastic. C. reduced and the demand is elastic. D. increased and the demand is elastic.
Which of the following would NOT be a barrier to entry for a particular market?
A) ownership of a patent B) low cost of obtaining initial capital C) the presence of economies of scale D) government regulation
For a given call option price, which of the following statements is correct?
A. The closer the strike price is to the current price of the underlying asset, the larger is the time value of the option. B. As the strike price approaches the price of the underlying asset, the intrinsic value of the option increases and the time value of the option decreases. C. The closer the strike price is to the current price of the underlying asset, the smaller the time value of the option. D. As the strike price approaches the price of the underlying asset, the time value of the option approaches zero.
Which of the following will likely occur when price floors in agriculture are implemented?
A) Quantity supplied will exceed quantity demanded. B) Quantity demanded will exceed quantity supplied. C) Farmland will be underutilized. D) Supply will decrease.