The winner of a second-price sealed-bid auction pays an amount equal to ________
A) half of his bid
B) the lowest bid
C) the second-highest bid
D) his valuation of the good
C
You might also like to view...
If the market price rises from P0 to P2 in the above figure, then there is a
A) surplus equal to the distance Q0, Q2. B) surplus equal to the distance Q1, Q2. C) shortage equal to the distance Q0, Q2. D) shortage equal to the distance Q1, Q2.
Income received minus direct taxes is called
a. national income b. personal income c. disposable personal income d. transfer payments e. net national product
If the Federal Reserve unexpectedly increases the money supply, which of the following will most likely happen in the short run?
a. real GDP will rise. b. real GDP will fall. c. real interest rates will rise. d. the budget deficit will rise.
Nearly half of the federal government's tax revenues come from
A. Individual income taxes. B. Customs, whiskey, and tobacco taxes. C. Corporate income taxes. D. Social Security payroll taxes.