Refer to the scenario above. What is Alice's optimal bidding price?
A) $25,000
B) $30,000
C) $24,000
D) $36,000
A
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A third-degree price-discriminating pure monopoly will follow a system where ________.
A. buyers with relatively more inelastic demands are charged lower prices than buyers with relatively more elastic demands B. the price of the product is held the same even if the demand changes C. buyers with relatively more inelastic demands are charged higher prices than buyers with relatively more elastic demands D. all buyers are charged the same price regardless of their elasticity of demand
In Figure 11.1, a decrease in the marginal propensity to consume is represented by a change in the consumption function from
A) C1 to C3. B) C3 to C1. C) C2 to C1. D) C1 to C2.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the inverse supply function for coal miners?
A. W = 0.02Qs - 200 B. W = 0.02Qs + 200 C. W = 50Qs + 10,000 D. W = 200Qs + 500
In a competitive market with large search costs, many firms, and asymmetric information, why is the monopoly price the only possible single-price equilibrium?
What will be an ideal response?