Refer to the scenario above. If these four friends are the only bidders and each bidder uses his optimal strategies, the owner of the good will earn an expected revenue of ________

Under a market system, the people with information about buyers' desires, production technology and resources make the decisions

Indicate whether the statement is true or false

In the long run, output is determined solely by the supply of capital and the supply of labor, not the price level

Indicate whether the statement is true or false