products of their advertisements persuade consumers that the advertised products are of high quality. b. You may not get the optimal level of advice from a retail shop when you go in to buy a lamp for your bike because of the free-rider problem. c. If you need a lawyer, and all your legal expenses are covered by insurance, you should always choose the best-dressed lawyer with the most expensive car and the most ostentatiously furnished office. d. The benefit of searching for a spouse is affected by the size of the community you live in. 9. For each pair of occupations listed, identify the one for which the kind of car a person drives is more likely to be a good indication of how good she is at her job. (LO3) a. Elementary school teacher, real estate agent b. Dentist, municipal government administrator c. Engineer in the private sector, engineer in the military ANSWERS TO CONCEPT C 11.1 An Internet search is a cheap way to acquire informa- tion about many goods and services, so the effect of increased Internet access will be a downward shift in the supply curve of information. In equilibrium, peo- ple will acquire more information, and the goods and services they buy will more closely resemble those they would have chosen in an ideal world with perfect
products of their advertisements persuade consumers that the advertised products are of high quality. b. You may not get the optimal level of advice from a retail shop when you go in to buy a lamp for your bike because of the free-rider problem. c. If you need a lawyer, and all your legal expenses are covered by insurance, you should always choose the best-dressed lawyer with the most expensive car and the most ostentatiously furnished office. d. The benefit of searching for a spouse is affected by the size of the community you live in. 9. For each pair of occupations listed, identify the one for which the kind of car a person drives is more likely to be a good indication of how good she is at her job. (LO3) a. Elementary school teacher, real estate agent b. Dentist, municipal government administrator c. Engineer in the private sector, engineer in the military ANSWERS TO CONCEPT C 11.1 An Internet search is a cheap way to acquire informa- tion about many goods and services, so the effect of increased Internet access will be a downward shift in the supply curve of information. In equilibrium, peo- ple will acquire more information, and the goods and services they buy will more closely resemble those they would have chosen in an ideal world with perfect
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Number 9
Transcribed Image Text:products
of their advertisements persuade consumers that the
advertised products are of high quality.
b. You may not get the optimal level of advice from a
retail shop when you go in to buy a lamp for your
bike because of the free-rider problem.
c. If you need a lawyer, and all your legal expenses are
covered by insurance, you should always choose the
best-dressed lawyer with the most expensive car and
the most ostentatiously furnished office.
d. The benefit of searching for a spouse is affected by
the size of the community you live in.
9. For each pair of occupations listed, identify the one for
which the kind of car a person drives is more likely to be
a good indication of how good she is at her job. (LO3)
a. Elementary school teacher, real estate agent
b. Dentist, municipal government administrator
c. Engineer in the private sector, engineer in the military
ANSWERS TO CONCEPT C
11.1 An Internet search is a cheap way to acquire informa-
tion about many goods and services, so the effect of
increased Internet access will be a downward shift in
the supply curve of information. In equilibrium, peo-
ple will acquire more information, and the goods and
services they buy will more closely resemble those
they would have chosen in an ideal world with perfect
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