Anna's Antiques expects to get three 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 three bidders show up at the auction and two of the bidders are low value, what would the winning price be?

When average variable cost is at its minimum, it is equal to the marginal cost of production at that level of output

Indicate whether the statement is true or false

The price effect describes the:

A. decrease in the quantity of labor supplied in response to a higher wage. B. increase in the quantity of labor supplied in response to a lower wage. C. increase in the quantity of labor supplied in response to a higher wage. D. increase in the quantity of labor demanded in respond to a higher wage.