Which of the following is the formula for total revenue?
a. TR = P ÷ q
b. TR = P + q
c. TR = P - q
d. TR = P × q
d. TR = P × q
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A rent control is an example of a ________
A) price floor B) price ceiling C) negative externality D) positive externality
Which of the following statements about winner's curse is wrong?
A) Overbidding occurs when bidders are uncertain about the true value of the good. B) The phenomenon occurs in common value auctions. C) When intelligent bidders shade their bids, sellers receive more money with a sealed-bid auction than an English auction D) The phenomenon will not occur in private value auctions.
A profit center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
Jeff's entertainment budget is divided between $8 movie tickets and $40 hockey tickets. The opportunity cost to Jeff of going to an extra hockey game is
A. four fewer $10 pizzas. B. five movies. C. 20 DVD rentals (costing $2 each). D. all of the choices are true.