Refer to the scenario above. Which among the following is a possible outcome if the number of bidders decreases to 45?
A) There will be no change in the outcome of the auction.
B) The optimal bid for Molly will now be $831.11.
C) The optimal bid for Molly will now be $745.
D) The optimal bid for Molly will now be $845.
B
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If firms are producing at a profit-maximizing level of output where the price is equal to the average total cost:
A. accounting profits may be negative. B. accounting profits must be zero. C. economic profits may be positive. D. economic profits must be zero.
In the past 10 years or so, average real wages of U.S. workers in non agricultural industries have
a. increased about 40 percent. b. increased slightly. c. remained about the same. d. declined.
Cleanup of Superfund sites is currently funded by
a. a tax on petroleum b. annual appropriations by Congress c. a corporate environmental income tax d. monies appropriated under the American Recovery and Reinvestment Act e. all of the above f. (b) and (d) only
An American retailer purchased 100 pairs of shoes from a company in Mexico in the second quarter of 2016 but does not sell them to a consumer until the third quarter of 2016 . In which quarter(s) does(do) the value of the shoes add to U.S. GDP?
a. the second and third quarters b. the second quarter but not the third quarter c. the third but not the second quarter d. neither the second nor the third quarter