Answer to Question 1
Imperfect information is the absence of full knowledge regarding product characteristics, available prices, and so forth.
Answer to Question 2
If the equilibrium price of gasoline is 3.50 a gallon, then a price ceiling of 3.00 a gallon results in a shortage. The quantity of gasoline demanded at 3.00 a gallon exceeds the quantity supplied. A black market is likely to develop, in which consumers buy gasoline at prices higher than the price ceiling. In addition, a great deal of additional search activity arises as drivers look for gas stations that are open and willing to sell gasoline. The market is inefficient because the marginal benefit of a gallon of gasoline exceeds the marginal cost and so there is a deadweight loss.
Cultures Ideal Body Types
The vehicle emissions control information (VECI) sticker is placed under the hood.
A Simplified Model of Information Flow in Human Memory
The flow of genetic information in a typical cell
A summary of the major processes in information restructuring of DNA
Flowchart illustrating how genetic information encoded in DNA produces protein