The quality of a product
A) is usually unknown to the seller and the buyer.
B) leads to adverse selection.
C) creates noise in a market.
D) is a hidden characteristic.
D
Economics
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A nation's account with the International Monetary Fund is known as
A) a quota subscription. B) monetary deposits. C) monetary rights. D) international reserves.
Economics
A perfectly competitive firm will maximize its profit at the level of output where the vertical distance between its total revenue curve and total cost curve is the largest. This is the same level of output where
A) average total cost equals marginal revenue. B) marginal revenue equals marginal profit. C) marginal revenue equals marginal cost. D) marginal revenue equals average revenue.
Economics