When firms are in perfect competition, the result is that firms charge a price that is always equal to its

Suppose that there are only two types of used cars, peaches and lemons and that used cars are pure experience goods. Peaches are worth $10,000, and lemons are worth $6,000. Three fourths of all used cars are peaches, and one fourth are lemons

In a market with no signals, for instance, a market without warranties, the average value of cars actually sold will be A) $6,000. B) $7,000. C) $9,000. D) $10,000.

For which of the following products is demand likely to be least elastic with respect to price?

A. Green beans B. Vegetables C. Food D. Green vegetables