The buyer of a good has less information than the seller of the good. This is a case of
A. externality information.
B. free ridership.
C. asymmetric information.
D. biased information.
E. a public good not being a private good.
Answer: C
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Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costs associated with them
a. True b. False Indicate whether the statement is true or false
A good with a price elasticity of demand equal to .75 is described as price-inelastic.
Answer the following statement true (T) or false (F)
When constructing economic models, economists are more concerned with
A) what people say than what they do. B) what people think than what they need. C) what people do than what they say. D) what people say than how they act.
Refer to the diagram, assuming that the firm represented is operating on curve TC 0 . What is the user cost of extracting a unit of this resource?
A. $20.
B. $40.
C. $60.
D. It cannot be determined with the information given.