Happy Cows is bidding on a large piece of farm equipment to process their dairy products. The managers of Happy Cows have estimated the additional profit Happy Cows will earn from the piece of equipment and have valued the equipment at $125,000. Happy Cows' value of the farm equipment is ________.
A) a common value
B) an independent private value
C) a public value
D) a correlated value
B) an independent private value
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is the minimum a sweater would be traded for in this example?
A. 1/3 of a scarf B. 1/2 of a scarf C. 3 scarves D. 2 scarves
Which is FALSE about perfect competition?
A) There are numerous sellers. B) Market entry and exit is unrestricted. C) There is no ability to set price. D) There is considerable product differentiation.
The additional utility derived from consuming one more unit of some good or service is called ____________.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If demand for wheat is D3, then a profit-maximizing firm will produce ________ units and earn ________.
A. 12; negative profits B. 13; exactly a normal return C. 15; positive profits D. 9; positive profits