In general, it is common for goods with ________ to be auctioned
A) low prices
B) relatively few buyers
C) a large number of buyers
D) a large number of sellers
B
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The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise. After each player chooses his or her best strategy and sees the result
A) only Bob would like to change his decision. B) neither player would be willing to change his or her decision unless the other player also changes his or her decision. C) if Jane does not change her decision, Bob would like to change his. D) if Bob does not change his decision, Jane would like to change hers.
An upscale fusion bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination?
Explain your answer
Which gives you greater total utility: 14 gallons of water per day or 22 gallons per day? Why?
A unit tax of $1 will always
A) shift the supply curve upward by more than $1. B) shift the supply curve upward by less than $1. C) shift the supply curve up by exactly $1. D) leave the supply curve unchanged.