Refer to the scenario above. If the number of participants in the auction increases to 20, Rebecca should place a bid of ________
A) $45,000
B) $42,750
C) $4,500
D) $40,500
B
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When positive externalities exist in a market, if a Pigouvian subsidy is imposed:
A. those who interact in the market will lose surplus. B. those who interact in the market will gain surplus. C. those who do not interact in the market, but are affected by the externality, will gain surplus. D. None of these statements is necessarily true.
Which of the following expressions is correct?
a. accounting profit = total revenue - explicit costs b. economic profit = total revenue - implicit costs c. economic profit = total revenue - explicit costs d. Both a and b are correct.
The HeckscherOhlin model of international trade uses _____ and ______ to explain trade patterns.
a. comparative; absolute advantage b. factor abundance; factor intensity c. factor availability; factor usability d. tariffs; quotas
There are five firms in an industry. You know sales of the four largest firms are $800,000, $700,000, $440,000, and $230,000. If the C4 ratio is 80 percent, then the HHI is:
A. 1,810. B. 5,191. C. 2,271. D. 4,338.