When sellers have more information about products than buyers do, we would expect
A) sellers to get higher prices for their goods than they could otherwise.
B) buyers to pay lower prices for goods than they would otherwise.
C) high-quality goods to drive low-quality goods out of the market.
D) low-quality goods to drive high-quality goods out of the market.
D
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A $20 bill is a:
A. gold certificate. B. Treasury note. C. Treasury bill. D. Federal Reserve Note.
Hannah and Marla plan to drive cross-country in Marla’s car after graduation and split the estimated $300 gas costs and 30 hours of driving. Their friend Sarah asks to join the trip and split the costs. Which of the following accurately describes the difference between average and marginal costs of adding a third traveler to the trip?
a. Average costs are increased from $300 to $450; marginal costs are reduced to 10 hours of driving per person. b. Average costs of travel remain the same; marginal costs are increased by Sarah’s share of beverages and snacks. c. Average costs fall from $150 to $100 per person; marginal costs are minimal and offset by Sarah’s help with driving. d. Average costs are increased by adding a third person; marginal costs are unchanged because the car is already going.