11-15

D Question 11 According to the textbook. middlemen: 0 provide value through information and coordination. 0 add no value to economic activity. 0 only add value to themselves. 0 only add value if the consumer gets a good deal. D Question 12 . 3.45 pts Better information about consumers' reservation prices generally leads to: O equitable distribution of goods among low income consumers. O acquisition of goods by consumers who are willing to pay the highest price. 0 acquisition of goods by consumers with the greatest need. 0 a reduction in producer surplus. 3 Question 13 3.45 pts The optimal amount of information to acquire before making a purchase is: 0 zero. O the amount such that the marginal cost of acquiring information equals the marginal benet. 0 the amount such that the total cost of acquiring information equals the total benet. 0 as much as possible. ' D Question 14 3.45 pts The marginal cost curve for information is upward sloping because: . ' 0 there Is only so much to learn about a product. 0 most information Is misleading. 0 most Information is provided by sources that have a vested interest in offering false information. 0 consumers tend to start with the least expensive sources of information and then progress to more expensive sources. D Question 15 3.45 pts The marginai cost of collecting information: 0 Es now zero because ol the Internet. 0 falls as more Information Is collected. O rises us more Information Is collected. 0 Is Independent of the amount of Inlorrnatlon that has already been acquired