More bidders tend to increase the selling price in a second-price auction because
a. bidders bid less aggressively
b. the true value of the losers is lower
c. the true values of the losers is higher
d. Both A&C
c
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Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars
A) Tom will receive $12 of consumer surplus from buying one shirt. B) Harriet will receive $25 of consumer surplus since she will buy no shirts. C) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts. D) Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
If everyone expects prices to fall but they do not, then
a. nothing happens. b. the IS curve shifts to the left and the AD curve shifts to the right. c. both IS and AD shift to the right. d. both IS and AD shift to the left. e. the IS curve shifts to the right, the AD curve shifts to the left.
When marginal revenue is zero:
A. total cost is minimized. B. total revenue is maximized. C. elasticity of demand is zero. D. profit is maximized.
Mercantilism is another name given to the version of capitalism that has emerged in the globalized world of the 21st century
Indicate whether the statement is true or false