In auctions, the winner always pays a price equal to the highest (his) bid
Indicate whether the statement is true or false
False. There are also second-price auctions in which the winner pays a price equal to the second highest bid.
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Nike faces a more__________ demand for its products than a shoe polish producer
a. inelastic b. elastic c. perfectly elastic d. perfectly inelastic
A tradeoff exists between a clean environment and a higher level of income in that
a. studies show that individuals with higher levels of income actually pollute less than low-income individuals. b. efforts to reduce pollution typically are not completely successful. c. laws that reduce pollution raise costs of production and reduce incomes. d. by employing individuals to clean up pollution, employment and income both rise.
Necessities such as food and shelter have inelastic demand.
Answer the following statement true (T) or false (F)
How is an indifference map like a topographic map?
Please provide the best answer for the statement.