Experiencing the winner's curse in a common-value auction means
a. You lost money in the auction
b. You bid too low
c. Your estimate of the value of the good being auctioned was too optimistic
d. Your estimate of the value of the good being auctioned was too pessimistic
c
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Being poor in a family with children is sufficient qualification for receiving TANF support
Indicate whether the statement is true or false
The long-run exit rule is to exit the industry if:
A. P > AVC. B. P < AVC. C. P > ATC. D. P < ATC.
Pricing and output determination under an oligopoly is more complicated than pricing and output determinations in other industries. The primary reason for the complication is the:
a. fewness of firms. b. brand loyalty of consumers. c. powerful effect of advertising. d. variability of concentration ratios. e. mutual interdependence of firms.
Attaining higher and higher levels of air cleanliness causes
A) additional costs to rise to increasingly high levels.
B) larger and larger increases in per capita incomes.
C) additional costs to fall to lower and lower levels.
D) larger and larger marginal benefits to society.