Auction markets usually
a. cause a shortage because there is more than one bidder for an item
b. cause a surplus because auctions seldom sell off all the items at the auction
c. fail to clear the market
d. arrive at an equilibrium price within minutes for each item auctioned
e. are unfair and for this reason have been regulated by government
D
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The labor market is in equilibrium whenever
A) the nominal wage rate is decreasing. B) the nominal wage rate is increasing. C) the nominal wage rate is not changing. D) the real wage rate is increasing. E) the quantity of labor demanded equals the quantity of labor supplied.
Assume that in an effort to help consumers, the government decides to reduce the amount of taxes it imposes on sellers of gasoline, that is, sellers are required to pay the government a smaller fee for each gallon of gas they sell
In the market for gas, this would have the effect of causing an increase in the supply of gas and a decrease in equilibrium price. Indicate whether the statement is true or false
Which of the following is considered a contributive standard for the distribution of income?
A) rewarding workers according to their productivity B) rewarding workers according to their needs C) rewarding workers according to the number of their dependents D) all of the above
The quantitative difference between areas Q1bcQ2 and p1p2ba in the diagram measures
A. marginal cost. B. total revenue. C. marginal revenue. D. average revenue