Information is a scarce good because
A) buyers typically know more than sellers about the products they are selling.
B) competition encourages buyers and sellers to conceal a portion of what they know.
C) its possession enables people to increase their wealth, and it cannot be acquired without cost.
D) sellers typically know more than buyers about the products they are selling.
C
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The marginal benefit from a good is the amount a person is willing to pay for
A) all of the good the person consumes. B) one more unit of the good. C) all of the units of the good the person consumes divided by the number of units he or she purchases. D) one more unit of the good divided by the number of units purchased.
The Fed accidentally discovered open market operations when
A) it came to the rescue of failing banks in the early 1930s, and found that its purchases of bank loans injected reserves into the banking system. B) it purchased securities for income following the 1920-1921 recession. C) it attempted to slow inflation in 1919 by selling securities and found that its sales drained reserves from the banking system. D) it reinterpreted a key provision of the Federal Reserve Act.
Refer to the table below. If this market is a Cournot Oligopoly and Firm X is produces 50 units, what is Firm Y's profit-maximizing quantity if their average total and marginal cost are constant and equal to $60?
The table above shows the market demand for a product that both Firm X and Firm Y manufacture. Both firms produce an identical product and the firms' average total and marginal cost are equal and constant.
A) 50 B) 100 C) 200 D) 150
In order to get his bachelor's degree, Timothy gave up an offer for a full time job as a bartender. Therefore, Timothy incurred an opportunity cost.
Answer the following statement true (T) or false (F)