The marginal cost curve for information is upward sloping because:
A. most information is misleading.
B. there is only so much to learn about a product.
C. most information is provided by sources that have a vested interest in offering false information.
D. consumers tend to start with the least expensive sources of information and then progress to more expensive sources.
Answer: D
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The total population of an economy is 175 million, the labor force is 125 million, and the number of employed workers is 117 million. The unemployment rate for this economy is
A. 7%. B. 3%. C. 6%. D. 5%.
Gabriela recently got a 10 percent raise. She now purchases 30 percent more in groceries on a weekly basis. Gabriela's income elasticity for groceries is
a. 0.33. b. 0.5. c. 1. d. 3.
A. a firm may realize excessively large profits. B. workers may provide less-than-expected work effort. C. compensating wage differences do not pay for differences in the nonmonetary aspects of jobs. D. human capital investments vary among
workers. A. principals and agents share a common interest, leading to free-rider problems. B. principals and agents are in an adversarial role, sharing no common interests. C. principals pursue some of their own objectives, which may conflict with the objectives of the agents. D. agents pursue some of their own objectives, which may conflict with the objectives of the principals.
The main function of the Federal Reserve System is to
A. clear checks from member banks. B. set reserve requirements of banks. C. control the money supply. D. serve as the fiscal agent for the federal government.