A double oral auction is an auction in which:
A) sellers post asks and buyers post offers one after the other.
B) sellers post asks and buyers post bids simultaneously.
C) the highest bidders post their bids at the same time.
D) bidding starts from the lowest price to the highest price.
B
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One reason that the aggregate demand curve has a negative slope is that when the domestic price level rises,
A) firms produce more goods and services. B) firms produce fewer goods and services. C) people substitute toward more imported goods and services. D) peoples' wealth increases.
Unlike firms in a perfectly competitive industry, monopolists have control over
a. the price they charge for the product b. the quantity of output they produce c. the prices they pay for resources d. the quantities of various resources which are used e. improvements in technology
Per capita GNP and quality-of-life are the only ways to determine a country's level of economic development
a. True b. False Indicate whether the statement is true or false
A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
A. a budget constraint. B. an indifference curve. C. an individual demand curve. D. a consumption bundle curve.