This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to the scenario above. If Alice wins the auction, the seller earns an average revenue of ... (Read 115 times)

ashley

  • Hero Member
  • *****
  • Posts: 584
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

frejo

  • Sr. Member
  • ****
  • Posts: 349
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A


ashley

  • Hero Member
  • *****
  • Posts: 584
Reply #2 on: Jun 29, 2018
Thank you


frejo

  • Sr. Member
  • ****
  • Posts: 349
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

A hypothetical scenario illustrating the process of chemical selection A hypothetical scenario illustrating the process of chemical selection
On average, the ratio of carbon to nitrogen is much higher in terrestrial plants than in other major On average, the ratio of carbon to nitrogen is much higher in terrestrial plants than in other major
Killer Whale - Size comparison to an average human. Killer Whale - Size comparison to an average human.
A Scatterplot of the Test Scores and Average Grades of 10 Students A Scatterplot of the Test Scores and Average Grades of 10 Students
Average Distribution of Incoming Solar Radiation Average Distribution of Incoming Solar Radiation
Nitin earns $48,000 per year. Determine his gross earnings for each pay period if he is paid ... Nitin earns $48,000 per year. Determine his gross earnings for each pay period if he is paid ...
Video: Interview with Person who has Panic Attacks

For a complete list of videos, visit our video library