Author Question: Critically evaluate the following statement. The lack of information of product quality is a market ... (Read 24 times)

karen · **on:** Jun 29, 2018

Critically evaluate the following statement. The lack of information of product quality is a market failure that can only be addressed by government.

What will be an ideal response?

Question 2

Which of the following is an example of an implicit cost a firm might incur?

A) the opportunity cost to investors of the funds invested in the firm
B) the wages paid to employees
C) utility payments
D) the payment for medical insurance coverage

jennafosdick · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

This is clearly not true. There are many examples like Consumer Reports, Kelly Blue Book and Carfax.com and host of other publications and organizations that disseminate consumer product information to the public either freely or charge a modest fee.

Answer to Question 2

A