Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability .If three bidders show up at the auction, and two of the bidders are high-value, what would the winning price be?

According to the text, Ethiopia probably has a low per capita real Gross Domestic Product (GDP) because

A) it has too many resources. B) it has a corrupt government. C) it has a low rate of saving. D) there are too many skilled workers in the country.

The marginal utility of a unit of good Y to Jane is

a. the additional utility that Jane gets from consuming one more unit of Y. b. defined in money terms as the minimum amount Jane is willing to pay for that additional unit of Y. c. defined in money terms as the maximum amount Jane is willing to pay for all the Y she buys except that additional unit. d. All of the above are correct.