The fair results approach to fairness
A) requires property rights and voluntary exchange.
B) supports transferring income from the rich and giving it to the poor.
C) requires efficient market outcomes.
D) ensures that marginal cost equals marginal benefit.
E) never creates a big tradeoff.
B
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The midpoint price between $20 and $40 is
a. $10 b. $20 c. $30 d. $15 e. $200
Happy Bagels sells its bagels for $6 each and the firm has a constant marginal cost of $4 per bagel, which is equal to its (constant) average total cost. If Happy Bagels does not sell a bagel the day it is produced, the bagel is sold as day-old for $2. If Happy Bagels is currently holding 50 bagels in inventory and the probability that Happy Bagels will sell 50 bagels or more is 0.50, which of
the following statements is true? A) Happy Bagels is holding the profit-maximizing, optimal level of inventory. B) To obtain the profit-maximizing, optimal level of inventory, Happy Bagels needs to increase its inventory. C) To obtain the profit-maximizing, optimal level of inventory, Happy Bagels needs to decrease its inventory. D) To obtain the profit-maximizing, optimal level of inventory, Happy Bagels needs to double its inventory.