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.
A
Economics
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Figure 3-14
Refer to . The gasoline market was initially in equilibrium at point e. Other things constant, a decrease in the price of crude oil, an important ingredient used to produce gasoline, would likely move the equilibrium in this market toward point
a.
r.
b.
s.
c.
t.
d.
u.
Economics
If you want to become an actor, and you must join the Screen Actors Guild after your first job, the Screen Actors Guild is a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.
Economics