"Lemon Laws" in many areas allow purchasers of used cars to return the cars within six months if they discover problems with the cars. Why might these laws help markets for used cars be more efficient than if the laws did not exist? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. b They take away the difference in the information that buyers and sellers have about used cars by giving buyers enough time to find out the true condition of the car. They create a public good by providing information about used cars to everyone.

"Lemon Laws" in many areas allow purchasers of used cars to return the cars within six months if they discover problems with the cars. Why might these laws help markets for used cars be more efficient than if the laws did not exist? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. b They take away the difference in the information that buyers and sellers have about used cars by giving buyers enough time to find out the true condition of the car. They create a public good by providing information about used cars to everyone.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 20 “Lemon Laws” in many areas allow purchasers of used cars to return the cars within six months if they discover problems with the cars. Why might these laws help markets for used cars be more efficient than if the laws did not exist? a They take away the difference in the information that buyers and sellers have about used cars by giving buyers enough time to find out the true condition of the car. b They create a public good by providing information about used cars to everyone. c They create a common resource by letting everyone know about the condition of used cars. d They force the seller to tell the buyer everything about the used car.
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(i) Jim has a used car that is worth between 0 and 2000 pounds (an equal chance of each price in between). Doug is thinking of buying the car and knows it is worth 35% more to him than to Jim. Doug can make a take-it-or-leave-it offer to Jim. How much should Doug offer Jim? Answer: