The reviews editor for a certain scientific journal decides whether the review for any particular book should be short (1–2 pages), medium (3–4 pages), or long (5–6 pages). data on recent reviews indicates that 60% of them are short, 20% are medium, and the other 20% are long. reviews are submitted in either word or latex. for short reviews, 60% are in word, whereas 50% of medium reviews are in word and 20% of long reviews are in word. suppose a recent review is randomly selected.

Which of the following accurately describes a surplus? a. consumer demand for a certain car is below the number of cars that are produced. b. the production costs for a certain car are below the sale price of that car. c. a reduction in the cost of steel enables a car company to reduce the sale price of its cars. d. a car company tries to charge too high a price for a car and has to reduce the price. 2b2t

When the federal reserve buys and sells bonds to member banks, it is called a. monetary policy b. reserve ratio c. interest rate adjustment d. open market operations

Many potential buyers value high-quality used cars at the full-information market price of € p1 and lemons at € p2. a limited number of potential sellers value high-quality cars at € v1 ≤ p1 and lemons at € v2 ≤ p2. everyone is risk neutral. the share of lemons among all the used cars that might be potentially sold is € θ . suppose that the buyers incur a transaction cost of $200 to purchase a car. this transaction cost is the value of their time to find a car. what is the equilibrium? is it possible that no cars are sold