The above figure shows the demand and cost curves for a firm in monopolistic competition. In the figure, the firm makes an economic profit of

In Vickery auctions, the item is awarded to the highest bidder at a price set by

a. Highest bid b. Second highest bid c. Third highest bid d. Cost

If there are constant returns to scale, the production function can be written as

a. xY = 2xAF(L, K, H, N). b. Y/L = A F(xL, xK, xH, xN). c. Y/L = A F( 1, K/L, H/L, N/L). d. L = AF(Y, K, H, N).