Consumers sometimes benefit from higher prices

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Reference no: EM132282687

1. The more a consumer needs a certain product, the less free she is to choose it voluntarily.

True

False

2. Customers are benefited in a market exchange when their preferences are satisfied.

True

False

3. Externalities must be considered when calculating the true cost of production.

True

False

4. Being responsible for an event means either being the cause of it or being at fault for it.

True

False

5. The concept of negligence comes from the legal notion of torts.

True

False

6. Negligence is a failure to exercise reasonable care or ordinary vigilance.

True

False

7. The standard of foreseeability involves more than just those potential harms a product could cause that producers in fact foresee.

True

False

8. Reasonable foreseeability is best thought of in product liability cases as that which the average reasonable person would foresee.

True

False

9. Gas stations doubling or even tripling their prices in the weeks following 9/11 are examples of price fixing.

True

False

10. Select all conditions that make unfair pricing less likely.

Consumer freedom to “walk away”

Greater competition within the market

Price uniformity within an industry

11. All it requires for a market exchange to be morally permissible is that both parties freely agree to benefit from the exchange

True

False

12. Consumers sometimes benefit from higher prices.

True

False

13. While externalities are important in product liability, they are not important in pricing.

True

False

14. Select all true statements.

It is ultimately good for a community for a large store to lower prices, even if it causes some local businesses to close.

Market price alone does not reflect the true value of thing

Reference no: EM132282687

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