11 May FOR WHAT KINDS OF GOODS ARE BUYERS MOST LIKELY TO SEEK ADDITIONAL INFORMATION ABOUT QUALITY?
Recall the Application. The U.S. kiwifruit information asymmetry was reduced by
advertising.
25)
People who buy used homes often insist on having a “home inspection”
before they finalize the purchase. If the house fails the inspection the buyer
has the right to refuse to buy the house unless the seller fixes whatever
problems are found. Does this help or hurt the seller?
26)
For what kinds of goods are buyers most likely to seek additional information
about quality?
27)
Some states have laws that require that used car dealers give buyers a 30-day
period during which they can return cars that are discovered to be lemons
(low-quality). Whom do laws like this help? Whom do they hurt?18)
Recall the Application. The asymmetric information about kiwifruit was reduced
byA)
reducing the price of U.S. kiwifruit.B)
advertising.C)
a federal government marketing order. D)
all of the above 19)
Recall the Application. Prior to enactment of the federal government’s order, A)
grocers were willing to pay less for any California kiwifruit than for any New
Zealand kiwifruit. B)
grocers were willing to pay more for any California kiwifruit than for any New
Zealand kiwifruit. C)
grocers were willing to pay more for California kiwifruit that had been
harvested at maturity than for any New Zealand kiwifruit. D)
California and New Zealand kiwifruit sold for the same price. 20)
Consumers can reduce their information disadvantage by investigating consumer
satisfaction surveys. 21)
It is rational for someone who wants to sell a lemon to offer the buyer a
money-back guarantee. 22)
Warranties reduce information asymmetry. 23)
Repair guarantees are a sign the seller thinks they have a lemon. Recall
the Application about federal quality standards in the market for kiwifruit to
answer the following question(s).24)
Recall the Application. The U.S. kiwifruit information asymmetry was reduced by
advertising. 25)
People who buy used homes often insist on having a “home inspection”
before they finalize the purchase. If the house fails the inspection the buyer
has the right to refuse to buy the house unless the seller fixes whatever
problems are found. Does this help or hurt the seller? 26)
For what kinds of goods are buyers most likely to seek additional information
about quality? 27)
Some states have laws that require that used car dealers give buyers a 30-day
period during which they can return cars that are discovered to be lemons
(low-quality). Whom do laws like this help? Whom do they hurt?
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