Which of the following is most likely to be characterized by substantial asymmetric information?
a. a soft drink purchased in a vending machine
b. a car wash to benefit the local high school band
c. a collectible baseball card purchased on eBay
d. wireless service that includes unlimited minutes and texting
c
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Refer to Figure 7.1. In this case, the property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $12. Which of the following will happen?
A) The firm will sell more output than its competitors. B) The firm will not sell any output. C) The firm's revenue will increase. D) The firm's profits will increase.
How would you characterize the types of goods that are traded internationally?
What will be an ideal response?
A recessionary gap is usually closed in the long run by a(n) _____
Fill in the blank(s) with the appropriate word(s).