An oral auction
a. is also called a Vickrey auction
b. is conducted by bidders submitting a single sealed bid
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
c
You might also like to view...
The two-country, multi-product model differs from the two-country, two-product model in that, in the former
A) the relative wage ratio will determine the pattern of trade ( which good is exported by which country. B) which country will export which product is determined entirely by labor productivity data. C) full specialization is likely to hold in equilibrium. D) none of the goods are potentially nontraded. E) domestic relative prices are not relevant.
If the reserve ratio was 10 percent for the bank with the balance sheet listed below, then this bank is being ? Assets ? ? Liabilities & Net Worth ? Reserves $2,500,000 ? Checking Deposits $5,000,000 Loans Outstanding $2,000,000 ? ? ? Total $5,500,000 ? Net Worth ? ? ? ? Stockholders’ Equity $500,000 ? ? ? Total $5,500,000
A. aggressive as indicated by a small amount of excess reserves. B. aggressive as indicated by a large amount of excess reserves. C. cautious as indicated by a small amount of excess reserves. D. cautious as indicated by a large amount of excess reserves.
Suppose Wave detergent is sold in a monopolistically competitive market. If the price of Wave detergent is currently $6, and the average cost of producing Wave is $4, in the long run we can expect:
A. firms to enter the detergent market and sell products similar to Wave, shifting the demand curve for Wave to the left. B. firms to enter the detergent market and sell product similar to Wave, shifting the demand curve for Wave to the right. C. the producers of Wave to go out of business. D. the producers of Wave to earn economic profits greater than zero.
What is one of the most important benefits of the Internet?
A) The Internet has increased asymmetric information. B) The Internet has reduced asymmetric information. C) The Internet has increased moral hazard. D) The Internet has increased transaction costs.