Author Question: Which of the following is true of a used-car market? A) Sellers have more information than the ... (Read 43 times)

Mimi · **on:** Jun 29, 2018

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.