Which of the following is true of a used-car market? A) ...

[Mimi]

Which of the following is true of a used-car market?
 
  A) Sellers have more information than the buyers.
  B) Gains from trade do not exist in this market.
  C) The cars sold are identical in quality.
  D) There is no consumer surplus in this market.

Question 2

If Dr. Giltscalpel's gross revenue doubled when he doubled his surgical fees, the demand for his services within the relevant price range would be
 
  A) indeterminate.
  B) perfectly elastic.
  C) perfectly inelastic.
  D) unit elastic.
  E) none of the above.

[matt]

Answer to Question 1

A

Answer to Question 2

C

[Mimi]

YES! Correct, THANKS for helping me on my review

[sultansheikh]

Thanks for the timely response, appreciate it