Consider a Market in Which Some High-Quality Goods Are Sold,but

question 25

Multiple Choice

Consider a market in which some high-quality goods are sold,but not as many as if there was perfect information about the quality of the good.This type of market is known as a:

• A)beneficial selection.
• B)thin market.
• C)symmetric market.
• D)efficient market.

---

Definitions:

Elastic Demand

Describes a market situation in which the quantity demanded of a good or service significantly changes in response to a change in price.

Ticket Price

Ticket Price is the cost paid to obtain admission to an event, such as a concert, movie, or sporting event.

Tourist Demand

The quantity of tourism products and services that tourists are willing and able to purchase at different prices during a time period.

Price Discrimination

A pricing strategy where a company sells the same product or service at different prices to different customers, based on factors like willingness to pay, market segment, and purchase location.