Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. If swimmers prefer to buy ice cream from a nearer vendor, what is the median location?
A. A
B. B
C. C
D. D
Answer: C
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The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen
The midpoint of the chord that runs from zero and intersects the utility function where wealth is 100, represents Bob's A) risk premium. B) expected utility of receiving $50 with certainty. C) expected utility of receiving $0 50% of the time and $100 50% of the time. D) risk neutrality.
Brokerage houses may differ in the
a. fees they charge. b. services they provide. c. stock exchanges on which they hold seats. d. All of the above are correct.
If the quantity demanded of restaurant meals increases by 20% when income increases by 10%, restaurant meals are:
A. normal goods. B. inferior goods. C. complementary goods. D. substitute goods.
When the firms in a perfectly competitive market are incurring economic losses, some of the firms will exit the market, causing the supply curve to shift left and market price to rise until losses incurred by the remaining firms are eliminated
Indicate whether the statement is true or false