Part of the reason why barely used cars sell for much less than new cars is that
A. buyers and sellers have symmetric information about cars and both have less information about used cars than about new cars.
B. buyers and sellers have symmetric information about cars and both have more information about used cars than about new cars.
C. buyers have more information about used cars than sellers do.
D. sellers have more information about used cars than buyers do.
Answer: D
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Refer to the figure above. What is the consumer surplus after Barylia opens up to free trade?
A) $75 B) $90 C) $100 D) $125
If the price of chicken falls, then in the market for beef
A) the demand curve for beef shifts rightward. B) the demand curve for beef shifts leftward. C) there is a movement downward along the demand curve for beef. D) there is a movement upward along the demand curve for beef.