What is meant by imperfect information?
What will be an ideal response?
Imperfect information is the absence of full knowledge regarding product characteristics, available prices, and so forth.
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The proposition that if property rights are well defined and there are no transaction costs, an efficient allocation of resources will result even if externalities exist, is known as __________________
a. transaction costs b. Hartwick's rule c. the Coase Theorem d. Coase's Law e. the Hayes Theorem
The long-run supply curve would be perfectly elastic when:
A. An increase in demand does not cause a change in product price B. An increase in demand causes an increase in product price C. A decrease in demand causes an increase in short-run supply D. A decrease in demand causes an increase in product price