What is the reason behind the popularity of auctions among consumers?
What will be an ideal response?
No one has quite been able to come up with any single reason as to why auctions have become so popular for consumers. Some possible explanations would include the chance of getting a really good deal, the fact that buyers are able to set the price, the sheer thrill of winning, and the competitive challenge involved. If auctions in general lead to higher-than-average prices, sellers are also interested.
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Macroeconomics includes the study of:
A. individual choice. B. firm pricing policies. C. the relative prices of oil and coal. D. inflation.
Formal economic reasoning applied to situations in which decisions are interdependent is called:
A. competitive decision making. B. game theory. C. monopolistic decision making. D. economic decision making.
Within the framework of the aggregate expenditures model, what will happen if an economy is operating at a real GDP greater than full-employment real GDP?
A. An inflationary gap exists. B. Real GDP will fall. C. The inventories of firms will rise. D. Firms will cut back on their current rate of output.
Inflation that occurs when total spending is greater than the economy's ability to produce output at the existing price level is:
A. demand-pull inflation. B. cost-push inflation. C. unanticipated inflation. D. anticipated inflation.