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Consider a used car market with high quality cars and low quality cars. The quality of the cars is known to the sellers, but not to the buyers. For a good quality car, the buyer values it at $10,000 while the seller values it at $8,000. For a bad quality car, the buyer values it at $7,000 while the seller values it at $5,000. The sellers can choose to offer warranties for the cars they sell at a cost. Statement 1: A warranty can only be a credible signal if its cost is higher for the low quality cars than for the high quality cars. Statement 2: In a pooling equilibrium, the two types of car owners choose the same warranty offer. Statement 3: The total surplus in a separating equilibrium is always higher than the total surplus in a pooling equilibrium. Select one: O a. Only Statements 2 and 3 are correct. O b. All 3 statements are correct. O c. Only Statement 1 is correct. O d. Only Statements 1 and 2 are correct. In Ausland (population 100), everyone wants to buy one satellite cable and is willing to pay $50 per cable. The cable is supplied by a monopolist, who has a constant marginal cost of $10. If the monopolist sets a price equal to the consumers' maximum willingness to pay, then: Select one: O a. it is not possible to infer about the deadweight loss from the given information. O b. there will be some deadweight loss. O c. there will be no deadweight loss. Which of the following statements is not correct about perfect competition? Select one: O a. In the long run, a firm exits the market if its profit is negative. O b. In the long run, all firms producing positive output have the same marginal costs for the last unit produced. O c. In the long run equilibrium with free entry and exit, all firms produce the quantity which minimises their ATC curves. O d. In the short run, all firms with positive output must have the same supply curve