If a firm requires a standardized raw material to produce its output, ________ is often the least expensive option to purchase the raw materials.

Half of all your potential customers would pay $10 for your product but the other half would only pay $8 . You cannot tell them apart. Your marginal costs are $4 . If you set the price at $8, the expected profit is:

a. $3 b. $4 c. $5 d. $6

When a price rise of an asset can be justified by fundamental concepts and past experiences, then such a price rise does not constitute a classic bubble

a. True b. False Indicate whether the statement is true or false