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Author Question: Which of the following is true of a used-car market? A) Sellers have more information than the ... (Read 20 times)

Mimi

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  • Posts: 542
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.


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matt

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


Mimi

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  • Posts: 542
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

kilada

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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