In a common-value auction
a. Every bidder knows the exact value of the item being auctioned
b. Each bidder knows everyone else's value of the item
c. The value of the item is different for all the bidders
d. None of the above
d
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Suppose the figure below shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist. 
The profit-maximizing price for this monopolist to charge is:
A. A. B. C. C. B. D. E.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The price of one good changes and Sue is now at a point on her indifference curve where the marginal rate of substitution exceeds the relative price. Sue will now choose to buy ________ of the good that is measured on the ________
A) more; x-axis B) more; y-axis C) the same quantity; x-axis D) less; x-axis
Refer to Table 5.3. The expected returns are highest for the physician who
A) works for an HMO. B) opens her own practice. C) does research. D) either opens her own practice or does research. E) either works for an HMO or does research.