Which of the following statements is true regarding protocols in various types of auctions?
a. An English auction requires bidders to begin with the highest price.
b. A Dutch auction starts with the lowest price any bidder is willing to pay, which is displayed in a one-handed clock.
c. In a Dutch auction, the first buyer to bid gets the item at the price shown in the one-handed clock.
d. In a second-price auction, the second-highest bidder gets the item.
C
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If there is increasing opportunity cost, then when moving downward on a production possibilities frontier, the opportunity cost of the good on the horizontal axis ________ as more of the good is produced
A) increases and the PPF gets steeper B) increases and the PPF gets flatter C) decreases and the PPF gets steeper D) decreases and the PPF gets flatter E) does not change and the PPF gets steeper
A rent ceiling creates a shortage. As a result, there is
A) an efficient allocation of housing. B) a surplus of housing. C) an increase in the producer surplus in the housing market. D) a decrease in the producer surplus in the housing market.
An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise
Holding everything else constant, how would this affect the market for gasoline-powered automobiles (a substitute for electric automobiles)? A) The supply of gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. B) The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would increase. C) The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. D) The demand for gasoline-powered automobiles would decrease because consumers could afford to buy fewer gasoline-powered automobiles.
Refer to the table below. If Stuffed Pies is currently producing 11 units of quality, to maximize profit, Stuffed Pies should ________ the units of quality.
Stuffed Pies is a frozen calzone manufacturer. The table above summarizes Stuffed Pies' marginal revenue and marginal cost of quality at various quality amounts.
A) not change
B) decrease
C) increase
D) increase by 50 percent