An English auction consists of ________
A) an auctioneer and several bidders
B) one auctioneer and one bidder
C) few auctioneers and several bidders
D) several auctioneers and one bidder
A
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The flatter the slope of the supply curve the lower will be the price elasticity of supply
Indicate whether the statement is true or false
Economists suggest that a market can fail if
A. no market for the product exists. B. governments dictate prices. C. producers get smaller profits than they desire. D. consumers have to pay more than they want to.
Which of the following phenomena shows that risk aversion is the characteristic of many people?
A. The popularity of high-stakes poker tournaments B. Homeowners insurance C. Investing in one stock rather than a portfolio D. Horse-race betting
If a monopolist wants to increase the amount it sells, it
A) will keep the price the same. B) must lower the price on all units. C) must accept lower profits. D) must lower the cost of production.