Why would the establishment of a system of weights and measures and inspections by government help market function? Discuss in terms of the market for gasoline
Please provide the best answer for the statement.
It is costly for consumers to obtain accurate and reliable information on the products that they purchase, especially common purchases such as gasoline. Having government set standards for liquid measurement and inspect gasoline pumps to ensure that they deliver the specific product at the stated price improves consumer confidence in the proper functioning of markets. It also saves consumers time in finding a reliable source for gasoline because all sellers must comply with the legal standards.
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One reason the U.S. government is sensitive to demands by the elderly is that the elderly have higher voter participation rates than members of other age groups
a. True b. False
The result of the calculation of the price elasticity of demand is
A) always positive. B) always negative. C) sometimes positive, sometimes negative. D) always greater than one.