According to the search model, the marginal benefit of acquiring information about a product
a. is greater for a doctor than a nurse's aide
b. is the same for high-income consumers as for low-income consumers
c. is greater for expensive items than for cheap items
d. is greater for cheap items than for expensive items
e. increases as more information is acquired
C
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Suppose that two soft drink manufacturers, Fizzy Pop and Spritzy Soda, agree to charge the same prices for their soft drinks. This practice is
A) always legal under the antitrust laws. B) legal as long as Herfindahl-Hirschman index is less than 1,000. C) legal as long as the firms had a cost justification for setting prices. D) always illegal under the antitrust laws.
The purchase of a virtual item from an online company with a virtual currency causes the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to remain the same. d. M2 money supply to rise.