Which of the following is NOT a government response to asymmetric information?
A) liability laws
B) social regulation
C) manufacturer's warranties
D) government licensing
Answer: C
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The demand for a new effective drug for the cure of AIDS would most likely be
a. elastic. b. unit elastic. c. perfectly elastic. d. highly inelastic.
Points outside the production possibilities frontier represent infeasible levels of production
a. True b. False Indicate whether the statement is true or false
Offering a product at a price below marginal cost is a more effective pricing strategy if
A. opportunity costs are higher. B. information costs are higher. C. information costs are lower. D. sunk costs are higher.
Unemployment is measured as
A) all adults in the civilian labor force who are not working. B) all adults in the civilian labor force who are willing and able to work and who are actively looking for work, but have not found a job. C) all teens and adults in the civilian labor force who are not working. D) all adults in the civilian labor force, regardless of whether or not they have been engaged in actively seeking employment, who do not have the job they want.