Which of the following were discovered in a Federal Trade Commission Study of 8,000 new and used Corvettes sold on eBay between 2001 and 2003?
a. The last-minute bids on new Corvettes were higher than that on used ones.
b. The median winning bid on new Corvettes exceeded that on used ones.
c. The median winning bid on used Corvettes exceeded that on new ones.
d. The last-minute bids on used Corvettes were higher than that on new ones.
C
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Suppose that the cost of the CPI basket of goods and services rises from $137 in 2010, which is the base year, to $159 in 2011. The CPI in 2011 is ________ and the inflation rate from 2010 to 2011 is ________
A) 86; 14 percent B) 86; 22 percent C) 116; 22 percent D) 116; 16 percent E) There is not enough information to answer this question.
If a professor gives up her job to open a shoe store, which of the following costs would an accountant tend to ignore?
A) The $1,500 per month lease for the shoe store. B) The $150 per month electricity bill. C) The $4,000 per month of income forgone by not being employed as a professor. D) The $200 business license, which, of course, is a sunk cost.
For a single-price monopoly, marginal revenue is ________ when demand is elastic and is ________ when demand is inelastic
A) negative; negative B) negative; positive C) positive; negative D) positive; positive
A profit-maximizing firm in a competitive market is able to sell its product for $7 . At its current level of output, the firm's average total cost is $10 . The firm's marginal cost curve crosses its marginal revenue curve at an output level of 9 units. The firm experiences a
a. profit of more than $27. b. profit of exactly $27. c. loss of more than $27. d. loss of exactly $27.