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Author Question: Refer to the scenario above. If Alice wins the auction, the seller earns an average revenue of ... (Read 111 times)

ashley

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on: Jun 29, 2018
Refer to the scenario above. If Alice wins the auction, the seller earns an average revenue of ________.
 
  A) 30,000
  B) 25,000
  C) 24,000
  D) 36,000

Question 2

Somebody steals silverware from the dinner table at a nice restaurant.
 
  You question them and they justify their behavior by saying, The restaurant management knows customers stealthey raise the price of their meals and drinks to cover the additional costs of stolen items. Since they pass on the higher costs to all of us who haven't stolen, I think it is only fair I finally get my share of the silverware. The economist would view the above statement as: A) incorrect, because even though people stole silverware, it doesn't make it any more profitable to raise prices.
  B) correct, because what's fair is fair.
  C) correct, because economics champions such selfish behavior.
  D) an ethical problem, and it has nothing to do with economics.


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frejo

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A


ashley

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Reply #2 on: Jun 29, 2018
Thank you


frejo

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Reply #3 on: Jun 29, 2018
No problemo


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