An oral auction
a. is also called an English auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
d
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If the university administration plans to hike tuition charges in the hope of increasing tuition revenues, we know
A) they are assuming an elastic demand. B) they are assuming an inelastic demand. C) they cannot succeed because of the law of demand. D) they must be running in the red. E) they will only succeed if more students can be enrolled at no cost.
Which of the following is a feature of a customs union?
a. The agreement only affects trade among members. b. The agreement only affects trade with nonmembers. c. The agreement establishes free trade among its members and a common trade policy with nonmembers d. The agreement provides mere guidelines and does not obligate members to any given policy. e. The agreement prohibits all tariffs.
Figure 4-23
Refer to . In which market will the majority of the tax burden fall on the seller?
a.
market (a)
b.
market (b)
c.
market (c)
d.
All of the above are correct.
Suppose that once a well is dug, water flows out of it continuously without any additional effort. Customers collect their water and pay a per gallon fee when they leave the site of the well. In the short run, the competitive firm in this market
A) will not shut down because variable costs are zero. B) has no fixed costs. C) faces diminishing marginal returns. D) can act as a price setter.