In an auction where the bidders values are $400, $500, $650, $800 and $850, the highest two bidders form a bid-rigging cartel. What would be the winning bid in this auction?
a. $501
b. $651
c. $801
d. $846
b
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A decrease in wealth would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
A perfectly competitive firm
a. can increase total revenue by raising its price b. can sell more goods by lowering its price c. can sell more goods by raising its price d. cannot increase sales or total revenue by changing its price e. typically tries to offer lower prices than rival firms
An oligopoly firm with a differentiated product will generally earn the largest profits without advertising
a. True b. False Indicate whether the statement is true or false
The rule of thumb according to which people are more likely to assume something belongs to a given category if it shares many characteristics with the stereotypical members of that category is the:
A. availability heuristic. B. anchoring heuristic. C. adjustment heuristic. D. representative heuristic.