If there is zero search cost, then in the presence of asymmetric information, competitive firms will
A) charge the monopoly price.
B) charge the competitive price.
C) charge zero price.
D) shut down.
Question 2
When consumers have asymmetric information and when search costs and the number of firms are large, a single-price equilibrium in a competitive market
A) is impossible.
B) occurs when price equals average cost.
C) occurs when price equals marginal cost plus the search cost.
D) occurs when the price is the price a monopoly would set.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.