Improvements in technology provide benefits to:
A) consumers, through lower prices.
B) workers, although some jobs may be eliminated.
C) firms, through lower production costs.
D) all of the above.
Ans: D) all of the above.
Economics
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Refer to the scenario above. If the number of bidders increases to 65, Molly's optimal bid for the product would be ________, and her consumer surplus would be ________
A) $836.92; $13.08 B) $831.11; $18.89 C) $765.5; $25 D) $750; $28.5
Economics
If an industry has 4 firms, with the largest firm being twice as large as any other one (the 3 remaining firms are equal in size), the 4-firm concentration ratio of this industry would be
A. 0.4 B. 1 C. 0.5 D. not enough information is provided
Economics