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.
Molecular mechanisms that convey positional information.
Discharge summary information
Information Processing Model The components of the model operate simultaneously.
Comparing Traditional and Industrialized (and Information) Societies
Restricting visual information to one hemisphere in cats. To restrict visual information to one ...
The material safety data sheet (MSDS) for sulfuric acid showing the detailed technical information ...