Refer to the scenario above. If Alice wins the auction, the seller earns an average revenue of ________
A) $30,000
B) $25,000
C) $24,000
D) $36,000
B
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What is meant by imperfect information?
What will be an ideal response?
Effective protection will be greater if, all else equal,
a. imported inputs are a small percentage of the final product b. tariffs on imported inputs are high c. tariffs on the final product are low d. quotas are added to tariffs on imported inputs e. none of the above
For a whole life policy, the policy holder pays
A) premiums based on current interest rates. B) a constant premium. C) premiums that vary with mortality risk. D) constantly declining premiums.
Returns to specialization can occur when
A) increasing the amount of labor allows workers to specialize. B) the exponents of the Cobb-Douglas production function are greater than 1. C) a firm doubles its inputs. D) the average cost curve is above the marginal costs curve.