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Author Question: Consider a used car market in which half the cars are good and half are bad (lemons). Suppose the ... (Read 189 times)

Mollykgkg

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Consider a used car market in which half the cars are good and half are bad (lemons). Suppose the average price of a good car is 9,000 and the average price of a lemon is 3,000.
 
  If rational buyers are willing to pay 6,000 for a used car, then sellers will agree to sell mostly lemons at this price. What is the term used to describe this situation?
  A) adverse selection B) an efficient market
  C) moral hazard D) economic irrationality

Question 2

Refer to Table 2-10. What is Barney's opportunity cost of making a pogo stick?
 
  A) 2 unicycles B) 1.4 pogo sticks C) 1/3 of a unicycle D) 1/2 of a unicycle


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lcapri7

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Mollykgkg

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Reply 2 on: Jun 29, 2018
Excellent


coreycathey

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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