Explain low-quality beef , Microeconomics

Suppose that you can produce high-quality beef at $3 per pound and sell it for $8 per pound. Low-quality beef costs $1 to produce but only sells for $4 per pound. If quality is unobservable, why is only low-quality beef going to be produced?

Posted Date: 4/6/2013 2:54:18 AM | Location : United States

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