In an English auction, the ________ bidder wins
A) highest
B) second-highest
C) first
D) second
A
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Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the sum of the value added of all of the firms?
A. $3.00 B. $7.00 C. $6.50 D. $4.00
The development of new technology reduces the cost of producing calculators. In addition, assume that consumers have cut back on their scheduled purchases in anticipation of further cost-saving developments. As a result, we can expect
A. a decrease in price but no predictable change in output. B. a decrease in output but no predictable change in price. C. an increase in output but no predictable change in price. D. a predictable decrease in both output and price.
Fiscal policy is determined by the Federal Reserve System
Indicate whether the statement is true or false
Discontinuing a Missile Program Merowak Missiles has developed its Democratizer Offensive Weapon System (DOWS) for the US military. After sinking $1 billion into R&D and design, it spent $0.5 billion building the tools and production facility that are
unique to DOWS production. It houses these in standard factory floor space that costs $1 million. Each missile has a marginal cost of $2,000 . The Pentagon is thinking of discontinuing the program because the missiles are too expensive. If Merowak were to get an order for 50,000 missiles, what would its breakeven price be?