Refer to the scenario above. If the number of bidders increases to 65, Molly's optimal bid for the product would be ________, and her consumer surplus would be ________
A) $836.92; $13.08
B) $831.11; $18.89
C) $765.5; $25
D) $750; $28.5
A
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The tendency for the values of two variables to move in a predictable and related way is known as
A) a natural experiment. B) a normative relationshi
As aggregate output rises, the demand for money ________ and the interest rate ________, so that money demanded equals money supplied and the money market is in equilibrium
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
If insurance companies knew how risk-averse their customers were:
A. adverse selection would not occur. B. diversification would not occur. C. policies would be perfectly diversified, resulting in lower premiums for everyone. D. risk pooling would not occur.
Is it possible for a normal good to be a Giffen good? Briefly explain