Refer to the scenario above. Alice will earn an expected surplus of ________ if she uses her optimal strategy to win the game
A) $5,000
B) $6,000
C) $30,000
D) $16,000
A
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What will be an ideal response?
Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product B) the longer the time period being considered C) the smaller the proportion of total costs accounted for by the variable input D) the harder it is for a variable input to be substituted for by other inputs
A nonmonetary opportunity cost is called a(n) ________, while a cost that involves spending money is called a(n) ________
A) accounting cost; explicit cost B) implicit cost; explicit cost C) accounting profit; economic profit D) normal rate of return; asset
Under a system of freely flexible (floating) exchange rates an American trade deficit with Mexico will tend to cause
A. the United States government to ration pesos to American importers. B. a flow of gold from the United States to Mexico. C. an increase in the peso price of dollars. D. an increase in the dollar price of pesos.