What is the difference between the two types of sealed-bid auctions?
What will be an ideal response?
The two types of sealed-bid auctions are first-price sealed-bid auctions and second-price sealed-bid auctions. In a first-price sealed-bid auction, each bidder submits his bid privately. The highest bidder wins and pays an amount equal to his bid. In a second-price sealed-bid auction, each bidder submits his bid privately. The highest bidder wins and pays an amount equal to the second-highest bid.
You might also like to view...
Use the figure below to answer the following question.
What is the amount of producer surplus after the government imposes the excise tax on the market?
A. $162 B. $540 C. $486 D. $180
The Fed can drive up interest rates by selling government securities and decreasing the money supply
a. True b. False Indicate whether the statement is true or false
Economic analysis is used
A. only by instructors and students in economics to understand the world. B. only by policy makers to make policy decisions. C. only by business people to raise profits. D. in decision making.
Technological improvements are generally harmful to society because new machines replace human beings, causing increased unemployment.
Answer the following statement true (T) or false (F)