The reservation value of a seller reflects her ________
A) willingness to pay for using a resource
B) marginal cost
C) marginal revenue
D) total cost
B
You might also like to view...
When external costs are present and the government imposes a tax equal to the marginal external cost, then
A) efficiency can be achieved. B) transaction costs will be high. C) the marginal benefit of the external cost will fall. D) property rights must have already been established.
All of the following are true concerning the flexible exchange rate system except one. Which is the exception?
a. It is the same as a floating exchange rate system. b. It is a system in which supply and demand determine the exchange rate. c. Government officials have little direct role in the foreign exchange market. d. Exchange rates may fluctuate considerably from time to time. e. Exchange rates are fixed by the central banks of the various countries.