The larger the number of bidders in an open outcry Dutch auction, ________
A) the lower is the maximum willingness to pay of each bidder
B) the smaller is the consumer surplus earned by the winner
C) the larger is the quantity offered by the auctioneer for auction
D) the lower is the value of the starting bid
B
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Which of the following will cause a decrease the supply of jeans?
A. A decrease in the expected future price of jeans. B. An increase in the wages paid to workers who make jeans. C. A decrease in the price of jeans. D. A decrease in the demand for jeans.
Which of the following is the best way to describe equilibrium in a market? At equilibrium, the
A) price is the lowest possible. B) price is usually affordable to most people. C) supply and demand curves can never shift again. D) quantity supplied equals the quantity demanded.
If the demand curve is perfectly elastic, and if the price of the good is increased by 10 percent by the seller, then revenue from the sale of the good would
A. remain constant. B. fall to zero. C. increase by 10 percent. D. decrease by 10 percent.
Which of the following is an example of an open-access resource?
a. a city subway system b. a college education c. an elementary school education d. whales in the ocean e. pandas in the zoo