Author Question: Consider the following statements when answering this question. I. If no consumer has a kinked ... (Read 49 times)

tuffie

  • Hero Member
  • *****
  • Posts: 534
Consider the following statements when answering this question. I. If no consumer has a kinked demand curve for CDs, then the market demand curve for CDs cannot be kinked either. II.
 
  If at a price of 10, every consumer has inelastic demand, then at that price the market demand for CDs will be inelastic too. A) I and II are true.
  B) I is true, and II is false.
  C) I is false, and II is true.
  D) I and II are false.

Question 2

When sellers have more information about products than buyers do, we would expect
 
  A) sellers to get higher prices for their goods than they could otherwise.
  B) buyers to pay lower prices for goods than they would otherwise.
  C) high-quality goods to drive low-quality goods out of the market.
  D) low-quality goods to drive high-quality goods out of the market.



Melissahxx

  • Sr. Member
  • ****
  • Posts: 304
Answer to Question 1

D

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

For a complete list of videos, visit our video library