In equilibrium in a mixed market:
A. the percent of low quality goods on the market equals the buyers' estimate of the percent of low-quality goods on the market.
B. the percent of low quality goods on the market equals the sellers' estimate of the percent of low-quality goods on the market.
C. 50% of the goods on the market are low quality and 50% are high quality.
D. all low-quality goods have been driven out of the market.
Answer: A
You might also like to view...
Is a typical person likely to gather more information when buying a new computer or when voting for a member of the U.S. Senate? Why?
What will be an ideal response?
The productivity standard for the distribution of income can be thought of as
A) rewarding people according to their ability to produce useful goods. B) benefiting only the least productive worker. C) proving that egalitarians are correct. D) rewarding only the wealthy.