Refer to the scenario above. Suppose the amount that you receive, on winning the bet, is increased to $300. Which of the following statements is true?
A) There is no change in the outcome of the game.
B) Your expected value of the bet will be positive.
C) You will withdraw from the bet as the cost of betting increases.
D) The probability of you winning the game increases to 2/100.
B
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When firms in an oligopoly successfully collude and do not cheat on a cartel agreement, they can achieve long-run economic profit similar to
A) perfect competition. B) monopoly. C) monopolistic competition. D) non-colluding oligopolies. E) the firms in regulated industries.
According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the lowest level of income equality?
A) Portugal B) United States C) Norway D) Russia