In closing down a military base, environmental inspectors found 100 tons of toxic waste. Which of the following is NOT a determinant of the consumer surplus generated by cleaning up 40 tons of waste?
A) The price of removing a ton of toxic waste
B) The original quantity of toxic waste found by the inspectors
C) The quantity of toxic waste removed by cleanup
D) The effect of each ton reduction of toxic waste on the profitability of the alternative uses for this land
E) The effect of each ton reduction of toxic waste on the health of citizens living near the base
B
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Refer to the table below. Recall that the bidders only know their own private value of the item and they do not know the other participants' private values. Further, assume each participant will submit bids using their optimal strategy. If the participants are bidding in a Dutch auction, Bidder ________ wins the auction and pays ________.
The table above lists the independent private values of five participants in an auction. Each of the bidders only knows their own value and does not know the private values of the other participants.
A) #3; a value less than $10 million and greater than $9.5 million
B) #5; a value less than $10 million and greater than $9.5 million
C) #5; 9.5 million
D) #3; $10 million
Firms have less pricing power if their firm-level product is more unique.
a. true b. false
If a manager of a firm believes one of their firm's suppliers is engaged in cartel activity, the manager ________ an incentive to report the behavior because they can ________.
A) has; have to pay whistle -blower fees B) does not have; receive treble damages C) has; receive treble damages D) does not have; have to pay whistle-blower fees
Libor is best defined as the ________.
A) interest rate of the National Bank of London B) short-term interest rate for dollars held in the Eurodollar market C) interest rate of the European Union D) deposit rate that applies to commercial loans in the European Union