Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $100 from the auction she can infer that
a. Both the bidders were high value bidders
b. Both the bidders were low value bidders
c. One of the bidders was high value, while the other was low value
d. All of the above
a
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Believers in public choice see government bureaucrats choosing the level of public goods based on their desire to keep their jobs
Indicate whether the statement is true or false
In the resource market:
A. businesses borrow financial capital from households. B. businesses sell services to households. C. households sell resources to businesses. D. firms sell raw materials to households.
The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The total benefit of a 3.0GHz computer is:
A. $900. B. $300. C. $1,700. D. $1,650.
Which of the following is true?
What will be an ideal response?