If the bidders at a first-price auction have true values of $78, $72, $66 and $65, the item will sell for
a. Just above $78
b. Just under $72
c. Just above $72
d. Just above $66
c
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DVDs can be produced at a constant marginal cost of $5 per disk, and Roaring Lion Studios is releasing the DVDs for its last two major films. The DVD for Rambeau 17 is priced at $20 per disk, and the DVD for Schreck 10 is priced at $30 per disk
What are the price elasticities of demand for these two movies? A) Both equal -1.2. B) -0.75 and -5/6, respectively C) -1.33 and -1.2, respectively D) -1.33 and -2, respectively
Graphically, a firm's profit is the area of marginal revenue minus the area of marginal cost
a. True b. False Indicate whether the statement is true or false
Politicians often argue for tariff increases in order to reduce the nation's dependence on imports. If tariffs are increased, the long-run effect is most likely to be:
A. an increase in American imports, and a decrease in American exports. B. an decrease in American imports, and an increase in American exports. C. an increase in both American imports and exports. D. a decrease in both American imports and exports.
Stagflation is characterized by an...
What will be an ideal response?