In the Market for Used Cars

question 74

Multiple Choice

In the market for used cars,

• A)the market is efficient because the cars are bought by the people who value them the most.
• B)the market is inefficient because lemons drive out the high quality cars.
• C)no cars are sold, because people don't like buying lemons.
• D)Not enough information to determine.

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Definitions:

Trust

A firm belief in the reliability, integrity, or ability of someone or something, fundamental for building relationships and ensuring cooperative behavior.

Autonomy

The right or condition of self-governance, or making one's own decisions without interference from others.

Choices

The act of making a decision or selection among different options or possibilities in various contexts.

Hypothetical Imperative

A command of reason that applies conditionally, suggesting an action to achieve a specific end, as opposed to a categorical imperative which is unconditional.