The result that different auction styles in which the good goes to the winner with the highest valuation of the good generate the same amount of revenue is called
A) Revenue Equivalence Theorem.
B) Marginal Revenue Theory.
C) Auction Revenue Theory.
D) First Bid Revenue Theorem.
A
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Which of the following is not an abstraction of macroeconomics?
A. Inflation rate B. Total costs C. Unemployment D. Aggregate supply
Complete the following table assuming that (a) MPS = 1/5, (b) there is no government and all saving is personal saving.
Answer the following statement(s) true (T) or false (F)
1. The short run is any period of time less than one year, while the long run refers to a period of time one year or more in length. 2. The production function describes how much output a firm can generate for various cost levels. 3. Marginal and average products can be plotted in the same graph as total product costs. 4. In deriving the marginal product of labor, we consider the increase in output of an additional worker using additional capital. 5. In order to compute the total cost of production when labor is the only variable, we need only need to know the quantities of labor and the current wage rate.
The theory of rent formulated by ______ is still used by most economists today.
A. Karl Marx B. David Ricardo C. Frank Knight D. Joseph Schumpeter