New smartphone applications are developed to help consumers find the cheapest prices in the neighborhood. As a result,
A) firms get greater market power.
B) consumers' search costs are greatly lowered.
C) firms are able to charge higher prices.
D) only smart markets become more competitive.
B
You might also like to view...
In the allocation of resources between present and future
a. the market works imperfectly. b. the market works perfectly. c. centrally planned economies are more efficient than market economies. d. the invisible hand guarantees efficiency in market economies.
Suppose that Country A and Country B each had the same per capita real Gross Domestic Product (GDP) of $10,000 in 2015. Country A's per capital real Gross Domestic Product (GDP) had a growth rate of 3 percent per year and Country B's per capital real Gross Domestic Product (GDP) had a growth rate of 4 percent per year. By 2020, the per-capita real Gross Domestic Product (GDP) for the two countries, respectively, were
A. $11,593 and $12,167. B. $10,300 and $10,400. C. $14,000 and $16,000. D. $11,941 and $12,653.