The longer the time buyers have to respond to a decrease in price, the more likely it is that the total revenue for the good in question would increase as a result

In which of the following markets are buyers likely to have private information?

A) The market for used cars B) The market for fresh fruits and vegetables C) The market for banking services D) The market for health insurance

Which of the following statements is true?

A) Most of the leading exporting countries are large, high-income countries. B) All sectors of the U.S. economy are affected equally by international trade. C) Each year China exports about 50 percent of its wheat crop and 40 percent of its rice crop. D) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.