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.
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
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