The best way to address differences in labor and environmental standards is through trade barriers

Society's demand curve for a public good:

a. is given by the horizontal summation of individual demand curves. b. is given by the vertical summation of individual demand curves. c. cannot be derived from individual demand curves due to the nature of a public good. d. is given by the average citizen's individual demand curve.

Suppose that in a market for used cars, there are good used cars and bad used cars (lemons). Consumers are willing to pay as much as $6,000 for a good used car but only $1,000 for a lemon. Sellers of good used cars value their cars at $5,000 each and

sellers of lemons value their cars at $800 each. Buyers cannot tell if a used car is reliable or is a lemon. Based on this information, what is the likely outcome in the market for used cars? A) Sellers of good used cars will drop out of the market. B) Sellers of good used cars will incur losses. C) Sellers of lemons will drop out of the market. D) Used cars will sell for $3,000.