HBX Core Economics for Managers Exam

HBX Core Economics for Managers
Exam
Question: A market's equilibrium outcome maximizes __
CORRECT ANSWER: Total Surplus. Sum of Producer and
Consumer Surplus
Question: Are auctions more effective when buyers'
valuations are within a narrow range? Or when buyers'
valuations are widely spread out?
CORRECT ANSWER: Auctions are more effective when
valuations are within a narrow range, ensuring that the sale
price will be close to the WTP of the second highest bidder
Question: As a business that exhibits network effects gains
market share, buyers' WTP should __
CORRECT ANSWER: Increase. Buyers should be willing
to pay more for their products
Question: As more substitute goods become available, price
elasticity of demand __

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