Beth is participating in an open outcry Dutch auction. Bidding starts at $500, and her maximum williness to pay is $400. The total number of bidders participating in the auction is 4
Her optimal bid strategy is to buy when the price reaches ________. A) $320
B) $300
C) $375
D) $125
B
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The real wage rate is the ________ divided by the ________
A) equilibrium quantity of employment; potential GDP B) nominal wage rate; inflation rate C) nominal wage rate; price level D) quantity of labor demanded; quantity of labor supplied E) quantity of labor supplied; quantity of labor demanded
The diagram above depicts the market demand for, and market price of, buckets of raw oysters in Orlando
a) What is the consumer surplus of the person who buys the 100th bucket of oysters? b) What is the consumer surplus of the person who buys the 200th bucket of oysters? c) What is the consumer surplus of the person who buys the 300th bucket of oysters? d) What is the consumer surplus in the market?
Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision?
A) at least $125,000 B) It depends on the "going rate" for home-care providers. C) the value she attributes to the satisfaction she receives from taking care of her parents D) zero, since she will no longer be earning a salary
Break-even quantity is a point where
a. Level of profit is maximized b. Level of cost is minimized c. Only variable costs are covered d. There is neither a profit nor a loss