A perfectly competitive firm has a random marginal cost with a 50 percent chance of a high marginal cost of $10, a 30 percent chance of a marginal cost of $8, and a 20 percent chance of a low marginal cost of $5. What is the firm's expected marginal cost?
A) $7.80
B) $8.00
C) $9.20
D) $8.40
D) $8.40
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The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The total tax revenue is equal to
A) $1,800. B) $600. C) $1,200. D) $900. E) $5,600.
The president of which Federal Reserve Bank is always a voting member of the FOMC?
What will be an ideal response?
The shift from wanting to own all to owning only what is needed is an example of a _________________
a. Paradigm shift b. Goal re-evaluation c. Reformation d. Retro-change
The exchange rate that is established in the absence of foreign exchange market intervention by the government is known as a(n):
a. historical anachronism. b. fixed exchange rate. c. "dirty float" exchange rate. d. unmanaged exchange rate. e. free market equilibrium exchange rate.