Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The U.S. kiwifruit information asymmetry was reduced by advertising.
Answer the following statement true (T) or false (F)
False
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In order for a price ceiling to have an effect on the market, must it be set above or below the equilibrium price? Why?
What will be an ideal response?
If the price of smartphones was to increase, then
A) the quantity of smartphone apps demanded would increase. B) the demand for smartphone apps would increase. C) the demand for smartphone apps would decrease. D) the quantity of smartphone apps demanded would decrease.
When banks involved in trading activities attempt to outguess markets, they are
A) forecasting. B) diversifying. C) speculating. D) engaging in riskless arbitrage.
A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5 . The firm can sell the 100th unit for $5 . The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses)
a. True b. False Indicate whether the statement is true or false