At a carnival roulette wheel, a player can either win $10, $30, or $80 . At what cost of play should the player expect the wheel to be fair?
a. $10
b. $20
c. $30
d. $40
d
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The expected real cost of using a unit of capital over a given period of time is known as ________
A) the real rate of interest B) the nominal rate of interest C) depreciation D) the user cost of capital
Luigi owns and operates a small restaurant. The income he receives from the restaurant is classified as
a. saving b. proprietor's income c. wages and salaries d. rental income e. dividends
The figure below shows the production-possibility curves for Canada (AB) and the rest of the world (CD). The opportunity cost of producing one liter of maple syrup in Canada and in the rest of the world are ________ bushels and ________ bushels of corn, respectively.
A. 7/9; 1/2 B. 9/7; two C. 7/9; two D. 9/7; 1/2
Compared to an efficient perfectly competitive industry, the monopolist will
A) produce less output at a higher total cost. B) produce less output and charge a higher price. C) produce more output at a higher price and higher profit. D) produce more output at a lower price.