Answer: $60
Explanation:
From the question, we are informed that At an oral auction for a lamp, half of all bidders have a value of $50 and half have a value of $70.
The expected winning bid if there are four bidders goes thus:
Since there are four bidders, the probability that the winning bid is $50 is 1/2 and for $70, it's 1/2 as well based on the question.
The expected winning bid will now be:
= ($50 × 1/2) + ($70 × 1/2)
= ($50 × 0.5) + ($70 × 0.5)
= $25 + $35
= $60
Answer:
The company or government goes into debt to those who purchase the bonds.( B.)
Answer: Option (B) is correct.
Explanation:
Correct option: have some control over its price because its product is differentiated.
A competitive monopolistic firm is not operating efficiently because it doesn't producing at a point where price is equal to the marginal cost or at a minimum point of its average cost curve.
It generally produces lower output and charges higher prices for their differentiated products. Differentiated products are the products which are similar in nature but have slightly different features. So, firms try to make their products different.
Hence, the firms have some control over the price of the differentiated products.
Answer:
The statement is: True.
Explanation:
Several factors influence the revenues of a business. <em>Change in consumers' patterns</em> is one of them. Individuals' behavior, needs, and expectations are not static. They vary over time. Firms must be aware of what tendencies are in the market to keep up with the changes. Otherwise, a company can lose its market share because of not knowing what is driving consumer purchases.
Another factor influencing institutions' profits is<em> consumer income</em>. If income decreases or if price rises but income keeps the same level, consumers will lose purchasing power decreasing the quantity demanded in different products which are translated in losses for companies.
Answer is Mucus Fleming as he is a sports player. (:
