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Explain how information provision and decision coordination problems are resolved in a market economy
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- Why is imperfect information a problem in market economies? Give a current example of how imperfect information causes a disruption in a market.Explain why the cost structure associated with many kinds of information goods and services might imply a market supplied by a small number of large firms. (At the same time, some Internet businesses such as grocery home deliveries have continually suffered steep losses regardless of scale. Explain why.) Could lower transaction costs in e-commerce ever make it easier for small suppliers to compete? As noted in the previous chapters, network externalities are often an important aspect of demand for information goods and services. (The benefits to customers of using software, participating in electronic markets, or using instant messaging increase with the number of other users.) How might network externalities affect firm operating strategies (pricing, output, and advertising) and firm size?Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Explain the steps your team should take and why.
- network externalities: (multiple choice) reduce the cost of switching to new technologies without network externalities. can explain why more efficient technologies displace less efficient technologies. can explain why the economy fails to adopt the most efficient technologies. can explain why technological lock-in no longer occurs.How does asymmetric information lead to a market failure? EssayIn circumstances of imperfect information should one expect the market to be efficient? Explain briefly.
- Explain the advantages and disadvantages of using econometrics, surveys, laboratory experiments, and social experiments in public policyWhich economist is associated with the information age and technology? Group of answer choices Carl Menger Karl Marx Adam Smith Aristotle Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Why do insurance companies have to charge such a high premium, which limits the number of consumers that can afford their services? a) Sellers of insurance have access to more information than buyers of insurance b) Buyers of insurance have more information than sellers of insurance c) There are too many regulations in insurance markets d) They are affected by positive externalities from other markets Please correct and incorrect answer explanation Note:- Please don't simply copy and paste content from other AI tools or bots, or else I may have to downvote your actions. Do not provide the handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.