This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose that in a market for used cars, there are good used cars and bad used cars (lemons). ... (Read 580 times)

anjilletteb

  • Hero Member
  • *****
  • Posts: 569
on: Jun 29, 2018
Suppose that in a market for used cars, there are good used cars and bad used cars (lemons). Consumers are willing to pay as much as 6,000 for a good used car but only 1,000 for a lemon.
 
  Sellers of good used cars value their cars at 5,000 each and sellers of lemons value their cars at 800 each. Buyers cannot tell if a used car is reliable or is a lemon. Based on this information, what is the likely outcome in the market for used cars?
  A) Most used cars offered for sale will be lemons.
  B) Both good used cars and lemons will sell for 4,500 each.
  C) Only lemons will sell, for 800 each.
  D) Both good used cars and lemons will sell for 1,000 each.

Question 2

All else equal, as the price of a product falls, the quantity supplied increases.
 
  Indicate whether the statement is true or false
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bimper21

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 50% of students answer this correctly


anjilletteb

  • Member
  • Posts: 569
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

covalentbond

  • Member
  • Posts: 336
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

A good Mnemonic to know Mg K Ca Na A good Mnemonic to know Mg K Ca Na
The medical assisting profession offers many settings in which to pursue your career. Good communica The medical assisting profession offers many settings in which to pursue your career. Good communica
Good computer skills are now required to be a successful member of an office staff. Good computer skills are now required to be a successful member of an office staff.
Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan). Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan).
A slave market in Marrakesh, Morocco. This lithograph is from the 1800s. A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
Suppose that we have a sample space with five equally likely experimental outcomes: E1, E2, E3, ... Suppose that we have a sample space with five equally likely experimental outcomes: E1, E2, E3, ...
Video: The Nerve Impulse

For a complete list of videos, visit our video library