In a market with asymmetric information, a good is said to have hidden characteristics if:
A) the consumption of the good imposes an additional cost on the society.
B) the production of the good generates additional benefits to the society.
C) the seller offers secret discounts to some buyers.
D) the buyer or the seller observes something about the good that the other does not.
Question 2
Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the market if the price is 7?
A) 10 units
B) 20 units
C) 50 units
D) 60 units
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