Which of the following statements is true regarding the expected revenues of auctions with risk-neutral bidders where value estimates are affiliated?
A. English > Second price > Dutch = First price.
B. English = First price = Dutch = Second price.
C. Second price > English > Dutch > First price.
D. First price = Dutch > Second price > English.
Answer: A
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A) lies on its demand curve. B) lies above its demand curve. C) lies below its demand curve. D) is equal to its price curve. E) is parallel to its demand curve.
The quantity theory of money and prices
A) is derived from the equation of exchange assuming that prices remain constant. B) shows how a change in the price level leads to a change in the money supply. C) shows how the demand for money is inversely related to the price level. D) is the hypothesis that changes in the money supply leads to proportional changes in the price level.
Everything else equal, the more rivals a firm has, the
A. less kinked is its demand curve. B. closer is its equilibrium price to its average variable costs. C. more differentiated is its product from rivals’ products. D. more elastic is its demand curve.
An increase in expected future output while holding today's output constant would
A. increase today's desired consumption and decrease desired national saving. B. decrease today's desired consumption and increase desired national saving. C. decrease today's desired consumption and decrease desired national saving. D. increase today's desired consumption and increase desired national saving.