Refer to the scenario above. Suppose there are several other bidders in the auction. Roger will win the auction only if ________
A) all the other bidders bid above $625
B) all the other bidders bid below $625
C) all the other bidders are risk-lovers
D) all the bidders are risk-averse
B
Economics
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If the quantity demanded changes proportionately the same as price, demand is said to be
A) vertical. B) elastic. C) unit elastic D) inelastic.
Economics
If a firm with two large plants installs a large, custom built packing machine in each of its plants, the custom packing machine is an example of ________.
A) managerial diseconomies B) specialized capital C) a compensating wage differential D) geographic variation
Economics