If there is zero search cost, then in the presence of asymmetric information, competitive firms will
A) charge the monopoly price.
B) charge the competitive price.
C) charge zero price.
D) shut down.
B
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Which of the following changes is not a shifter of the demand for a particular food product?
A. Changes in price of that product. B. Changes in consumer income. C. Changes in relative prices of substitute items. D. Changes in consumer perceptions of that product.
With free trade between the United States and Canada, the United States exports tomatoes and Canada exports maple syrup. U.S. consumers ______
A. of tomatoes gain and Canadian consumers of maple syrup lose B. of both tomatoes and maple syrup gain more than either producer C. of maple syrup gain more than U.S. producers of maple syrup lose D. of tomatoes gain more than U.S. producers of tomatoes lose