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

A

Economics

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Even if production of a good is characterized by economies of scale, consumers of the good would be best served by having a large number of small firms produce the good because of the effects of increased competition

Indicate whether the statement is true or false

Economics

During the course of a week, McDonald's has enough time to hire or layoff workers, but it does not have enough time to expand its kitchen or add an additional seating area. In this situation, McDonald's:

a. has no fixed costs. b. is in the short run. c. suffers an economic loss. d. earns a large profit.

Economics