Refer to the scenario above. If they are the only bidders in the auction, Jeff will win the auction if ________
A) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value of the good
B) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good
C) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively
D) each of them bids up to his value for the good
C
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The _____ account reflects the movement of goods and services into and out of the country. The _____ account reflects the flow of financial assets into and out of the country
a. universal transfer; financial b. universal transfer; current c. current; financial d. capital; current e. capital; financial
When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as the
a. marginal revenue multiplied by the wage. b. marginal product of labor multiplied by the wage. c. marginal product of labor divided by the wage. d. None of the above is correct.
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. Your economic surplus from going to work instead of seeing SPAM on Saturday is:
A. $0 B. $36 C. $35 D. $1
What is the difference between economic profit and normal profit?
What will be an ideal response?