It is rational for someone who wants to sell a lemon to offer the buyer a money-back guarantee.
Answer the following statement true (T) or false (F)
False
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If the consumption of a good by one person reduces the amount of it that can be consumed by others, the good is
A. excludable. B. nonexcludable. C. rivalrous in consumption. D. nonrivalrous in consumption.
When the government controls the price of a product, causing the market price to be above the free market equilibrium price,
A. some, but not all, sellers can find buyers for their goods. B. only consumers gain. C. both producers and consumers gain. D. all producers gain.
When the public debt is held by foreigners, it is not a real burden on real domestic output.
Answer the following statement true (T) or false (F)
An economy in which people exchange goods and services in a market is called a
A) command economy. B) socialist economy. C) market economy. D) centrally planned economy.