Which of the following is a difference between a second-price sealed-bid auction and an English auction?
A) The highest bidder wins in a second-price sealed-bid auction while the second-highest bidder wins in an English auction.
B) The second-highest bidder wins in a second-price sealed-bid auction while the highest bidder wins in an English auction.
C) Bids are placed privately in a second-price sealed-bid auction while bids are placed publicly in an English auction.
D) Bids are placed one after another in a second-price sealed-bid auction while bids are placed simultaneously in an English auction.
C
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The value of the next best alternative defines ___________________.
Fill in the blank(s) with the appropriate word(s).
Site value taxation _____
a. taxes improvements to land b. taxes the assessed value of land c. taxes the locational value of land d. a and c
If the price of cotton used in making blue jeans increases, which of the following will occur?
A) There will be a movement along an unchanged supply curve for jeans. B) The supply curve for jeans will shift rightward. C) The supply curve for jeans will shift leftward. D) There will be a rightward shift in the supply curve for jeans, followed by a movement along the supply curve.
Fred was working as a sales rep for a firm, and just completed an MBA by taking courses at night. Fred quits his job to pursue a management position. Fred would be considered:
A. structurally unemployed. B. frictionally unemployed. C. classically unemployed. D. underemployed.