In a market where the seller has more information than the buyer,
A. the seller can never gain by increasing the buyer’s information.
B. both the buyer and seller can gain by increasing the buyer’s information.
C. the buyer can never gain from increasing the seller’s information.
D. the buyer can only gain from additional information if it is costless.
Answer: B
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According to the principle of Rawlsianism:
A. society should place equal weight on the well-being of every individual. B. society should place all weight on the well-being of its worst-off member. C. society should place all weight on the well-being of its best-off member. D. equal division of society's resources among all members of the population is the most equitable outcome.
A firm's economic profit is the difference between the accounting profit and total fixed costs of the firm
a. True b. False Indicate whether the statement is true or false
Most studies have found that tobacco and marijuana are complements rather than substitutes
a. True b. False Indicate whether the statement is true or false
Trade
A. allows a person to consume at a point outside his production possibilities frontier. B. limits a person's ability to produce goods and services on her own. C. must benefit both traders equally. D. is based on absolute advantage.