In a common-value auction
a. No bidder knows what the exact value of the item being auctioned
b. Each bidder knows the exact value of the item
c. The value is different for each bidder
d. All of the above
a
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Refer to Figure 13-3. The marginal revenue from one additional unit sold is the sum of the gain in revenue from selling the additional unit and the loss in revenue from having to charge a lower price to sell the additional unit
Based on the diagram in the figure A) X represents the gain (price effect) and Y the loss (output effect). B) Y represents the gain (output effect) and X the loss (price effect). C) X + Z represents the loss (output effect) and Y the gain (price effect). D) X represents the loss (price effect) and Y + Z the gain (output effect).
The income generated from the sale of the goods and services produced in the economy and paid to the individuals and businesses who supply the factors of production is called:
A) GDP. B) GNP. C) national income. D) NNP.
In the textbook model of endogenous growth, the production function is modeled as
A) Y = AK. B) Y = C + I + G + NX. C) Y = X. D) Y = S - I.
Fixed costs are:
A. costs that depend on the quantity of output produced. B. costs that don't depend on the quantity of output produced. C. inputs costs that stay the same price per unit. D. costs that are negotiated to stay the same throughout the life of a contract.