2. lessack auctioneers advertised an auction sale that was open to the public and was to be conducted with a reserve price of $150. gordon attended the auction and bid $100 for a work of art that was worth much more. no higher bid, however, was made. lessack refused to sell the item for $100 and withdrew the item from the sale. gordon claimed that because he was the highest bidder, lessack was required to sell the item to him. was he correct? explain

Which of the following best describes a fractional reserve banking system? a. a banking system in which a large portion of the bank's assets are digital money rather than bills and coins. b. a banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals. c. a banking system in which banks have only partial control over the interest rates they charge on loans. d. a banking system in which net worth is calculated by subtracting a fraction of liabilities from assets. 2b2t

Abakery wants to determine how many trays of doughnuts it should prepare each day. demand is normal with a mean of 5 trays and standard deviation of 1 tray. if the owner wants a service level of at least 95%, how many trays should he prepare (rounded to the nearest whole tray)? assume doughnuts have no salvage value after the day is complete.

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.