Real-World Markets

question 126

Multiple Choice

Real-world markets:

• A) often involve deception, cheating, and inaccurate information.
• B) ensure that sellers will always be honest and provide accurate information because those who are dishonest or provide inaccurate information go out of business.
• C) can operate efficiently only if government takes steps to correct informational problems.
• D) provide no mechanism for solving informational problems.

---

Definitions:

Expensive

Having a high price or cost; being relatively overpriced in comparison to value.

Marginal Utility

The additional satisfaction or benefit gained from consuming one more unit of a good or service.

Dozen Oysters

A quantity or unit measure referring to a group of twelve oysters.

Total Utility

The complete satisfaction or utility gained by consuming a certain amount or number of goods or services.