Answer and Explanation:
Given that this is a second price bid auction whereby the second highest bid is the price that the highest bidder pays for the item up for auction sale, so that b1>b2 then b1 gets item for the price of b2.
Truthfulness of true value is the dominant strategy here which means each player should aim to be truthful with their bid regarding their true value regardless of what other bidders are bidding. Therefore truthfulness of value is the optimal strategy with the best payoff for bidders
Answer:
An entrepreneur is a person who finds an economic opportunity in the market, and exploits it for his own benefit and the benefit of his employees and constomers by setting up a firm.
Explanation:
Three characteristic of an entrepreneur:
Opportunity seeking: entrepreneurs "scan" the market, seeking for market niches that have not been exploited.
Work-ethic: entrepreneurship is a difficult task, especially during the first years of the company. It demands very long work hours, and the entrepreneur must be willing to do that in order to be successful.
Risk-taking: entrepreneurs should evaluate risk when taking decisions, but they should not be the most risk-averse indidivuals. They have to take risks in certain situations because otherwise, they would not be able to become entrepreneurs at all.
Answer:
The statement would be:
Date: October 31, 2019
Net Income $680,700
Cash dividends $50,000
Stock dividends $127,000
Retained earnings $503,700
The retained earnings are equal to the sum of declared dividends substracted from the net income.
Intermediaries are often known as individuals who are known to be a link in the distribution process. They connect the various channel partners.
When an individual goes to a supermarket and selects a box of cereal from several choices of type, brand, and size, it is an example of the value of marketing intermediaries who provide an assortment.
There are four types of intermediary. They are
- Agents
- Wholesalers
- Distributor, and
- Retailers.
An organization often has many intermediaries in its distribution channel as they want.
Conclusively, amidst the types of intermediaries, helps provide several alternative to humans, so that we can choose base on our preference.
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