Which of the following is true?
a. Economic reasoning implies that individuals will acquire all possible information about a choice before making it.
b. It is not rational for people to make decisions that could turn out to be mistaken
c. Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction.
d. Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.
c
You might also like to view...
The first step in gradualism is
a. the privatization of larger industrial sectors b. the phasing out of money-losing enterprises c. large industrial enterprises quickly finding market-clearing prices d. the thriving of small-scale capitalism e. state-owned enterprises running more like businesses to maximize profit
For any competitive labor market, what change would have to occur to cause the labor supply to decrease and shift the supply curve left?
A. Number of firms increases B. None of these statements is true. C. Number of workers increases D. Opportunity cost of work increases