Mark and Charles are roommates at college. Each has written a 25-page term paper for the same English class. They are equally poor typists. Charles types his own paper and gets paid by Mark to type his, too. On the basis of the information given, which one of the following must be true?
a. Mark is wealthier than Charles.
b. Mark needs more time to study than Charles.
c. Charles hates typing.
d. Mark and Charles have different utilities for typing but place the same value on time.
e. Mark's opportunity cost of typing is higher than Charles's.
E
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What will be an ideal response?
A sealed-bid first-price auction ________ common in business settings, and participants in this kind of auction ________ observe other participants' bids
A) is; do B) is not; do not C) is; do not D) is not; do
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A. $50,000 B. $12,500 C. $37,500 D. $40,000