Author Question: Refer to the scenario above. If these four friends are the only bidders and each bidder uses his ... (Read 114 times)

clippers! · **on:** Jun 29, 2018

Refer to the scenario above. If these four friends are the only bidders and each bidder uses his optimal strategies, the owner of the good will earn an expected revenue of ________.

A) 210
B) 350
C) 500
D) 625

Question 2

Producers typically face increasing marginal costs of production. Thus, their production possibilities frontier would

A) slope upward.
B) bend inward.
C) bend outward.
D) appear as a straight line.