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Author Question: The switch to the use of ethanol in gasoline is driven primarily by its relatively lower price. ... (Read 141 times)

meagbuch

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on: Jul 1, 2018
The switch to the use of ethanol in gasoline is driven primarily by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for gasoline?
 
  A) Price rises, output falls.
  B) Price falls, output rises.
  C) Price rises, output rises.
  D) Price falls, output falls.

Question 2

Your friend Dimitre tells you that he thinks that his favorite basketball team has a 70 chance of winning the next game. This is an example of
 
  A) an objective probability.
  B) a subjective probability.
  C) a risk-averse statement.
  D) Friedman-Savage preferences.


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abro1885

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

B


meagbuch

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

brbarasa

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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