If consumers have limited information about price and search costs exist, then
A) the result must be that all firms will charge the same price.
B) the monopoly price must result.
C) the full-information, competitive price is not an equilibrium.
D) the difference in prices between firms will be greater than the search cost.
Question 2
Empirical studies conclude that advertising
A) raises prices in all markets.
B) can reduce the prices of many goods.
C) reduces the prices on all goods.
D) has no impact on prices.
The same star field photographed with (a) a ground-based telescope, which is subject to poor seeing
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Draw an Edgeworth box for two consumers over two goods