If Tom is participating in an open outcry English auction, he should ________
A) bid up to his maximum willingness to pay
B) bid above his maximum willingness to pay
C) bid below his value for the good being auctioned
D) pay a fee to place a bid
A
Economics
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All of the following are examples of explicit cost a firm might incur except
A) taxes owed to the state government. B) the revenue a firm generates in using its resources. C) the rental value of the warehouse space the company owns and uses for itself. D) the out-of-pocket expense to hire employees.
Economics
Which of the following countries had the highest level of real GDP per person in 2014?
a. Germany b. Canada c. United States d. Japan
Economics