Using the above table, the market clearing price is ________ and equilibrium quantity is ________

Which of the following is true of a used-car market?

A) Sellers have more information than the buyers. B) Gains from trade do not exist in this market. C) The cars sold are identical in quality. D) There is no consumer surplus in this market.

Planned economies

a. can increase production rapidly but are likely to be inefficient b. can produce efficiently but can't guarantee consumers' needs are met c. can produce efficiently, but only at low levels of output d. can provide for all society's needs, but are likely to be inefficient e. none of the above