Which of the following is a possible market solution to the lemons problem?
A) Producers might offer product guarantees and warranties.
B) Producers might be required to meet certain legal standards to obtain licenses granting the right to sell their products.
C) Government agencies might be charged with directly overseeing production and distribution of certain products.
D) Liability laws might be established to ensure that firms selling certain products must face penalties in the event the products function poorly.
A
Economics
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What is the typical shape of a total product curve?
a. An S-shape b. A U-shape c. An inverted U-shape d. A constantly increasing line e. A constantly decreasing line
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Inferior goods may also be referred to as
A) countercyclical goods. B) cyclical goods C) substitutes. D) anti-luxury goods.
Economics