Information is a scarce good because
A) buyers typically know more than sellers about the products they are selling.
B) competition encourages buyers and sellers to conceal a portion of what they know.
C) its possession enables people to increase their wealth, and it cannot be acquired without cost.
D) sellers typically know more than buyers about the products they are selling.
C
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Richard loses his job at the railroad due to a downturn in general business conditions. He is experiencing
a. structural unemployment. b. cyclical unemployment. c. seasonal unemployment. d. frictional unemployment.
John is able to take out a loan for $1,000 for one year at an annual interest rate of 10 percent. After calculating his return to be $200, John will:
A. make money on net, and should take out the loan. B. not make money on net, and should not take out the loan. C. not make money on net, and should take out the loan. D. make money on net, and should not take out the loan.