Point out the relevance of the Bayes' theorem
Bayes' theorem provides guidance on how to revise prior probabilities as new information
is acquired. The degree of revision depends on both the probability of the information that was found and on what is known about the probabilities of the data.
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Because a monopolist is the sole producer in its market, it can necessarily alter the price of its good
a. by adjusting the quantity it supplies to the market. b. by changing its marginal cost. c. without affecting its average total cost. d. without affecting the quantity sold.
A person's consumption possibilities is defined by the budget line because
A) it marks the boundary between what is affordable and unaffordable. B) it represents the individual's preference for different combinations of goods. C) it marks the boundary between what can be produced and what is unattainable given the current state of technology and resources. D) all consumers must consume on their budget line.