Reference no: EM13832733
1. A supplier of a factor of production has a reservation price of $100. The purchaser of the factor of production has a reservation price of $200. If the factor of production is unique, then:
A. there will be no transaction as the reservation prices are unequal.
B. the transaction will occur and the price will be $150.
C. the transaction will occur and the price will be $200.
D. the transaction will occur and the price will be $100.
2. Individual incentives have led to:
A. the optimal number of stock market analysts because it is a competitive market with no entry barriers.
B. too many stock market analysts because market analysis does not produce social benefits.
C. too many stock market analysts because the individual incentive to forecast faster exceeds the social benefit of a faster forecast.
D. too few stock market analysts because the efficient market hypothesis predicts that no analyst will do better than random chance in the long run.
3. Ingrid has been waiting for the show "Mamma Mia!" to come to town. When it finally does come, ticket prices are $60. Ingrid's reservation price is $75. But when Ingrid tries to buy a ticket, they are sold out.
Refer to the information above. Ingrid decides to try to buy a ticket from a scalper (a person who has purchased extra tickets at the box office with the intent to resell those tickets). If Ingrid finds someone who is willing to sell her a ticket for $70, she should:
A. not purchase it because it is overpriced by $10.
B. not purchase it because the cost to the scalper was only $60, and it is unfair of the scalper to take advantage of the ticket shortage.
C. purchase it because to do so will lead to an increase in surplus.
D. purchase it even though it is not surplus-enhancing.
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