Answer to Question 1
Imperfect information is the absence of full knowledge regarding product characteristics, available prices, and so forth.
Answer to Question 2
If the equilibrium price of gasoline is 3.50 a gallon, then a price ceiling of 3.00 a gallon results in a shortage. The quantity of gasoline demanded at 3.00 a gallon exceeds the quantity supplied. A black market is likely to develop, in which consumers buy gasoline at prices higher than the price ceiling. In addition, a great deal of additional search activity arises as drivers look for gas stations that are open and willing to sell gasoline. The market is inefficient because the marginal benefit of a gallon of gasoline exceeds the marginal cost and so there is a deadweight loss.
Mechanisms that convey positional information during embryonic development.
Older participants remember more information than younger participants when material has emotional ...
The flow of genetic information in a typical cell
The Emergency Action Guide entry for styrene. Useful information includes emergency response ...
Food Labels Provide Nutrient Content Information
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately