Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $71 from the auction, she can infer that
a. Both the bidders were high value bidders
b. Both the bidders were low value bidders
c. One of the bidders was high value, while the other was low value
d. All of the above
c
Economics
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The economy is at full employment and then aggregate demand increases. Describe what happens as an immediate result of the increase in aggregate demand. Describe how the economy adjusts back to full employment
What will be an ideal response?
Economics
Lizzie's budget line is shown in the figure above. If the price of a magazine rises, Lizzie's real income in terms of magazines books ________ and her real income in terms of cookies ________
A) increases; does not change B) decreases; does not change C) decreases; increases D) increases; decreases
Economics