A second-price auction
a. is also called a Vickrey 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
a
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If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ, respectively, the equilibrium quantity is Q* = (a - c) / (b + d)
Indicate whether the statement is true or false
In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month. The loss of producer surplus
A) is smaller than the gain in consumer surplus. B) is larger than the gain in consumer surplus. C) is the same size as the gain in consumer surplus. D) could be smaller than, larger than, or the same size as the gain in consumer surplus.
A household's quantity of money demanded is defined as
a. the amount of income that the household chooses to hold in the form of money, at each possible interest rate b. the amount of wealth that the household chooses to hold as money, rather than as other assets c. the household's desire to have greater financial wealth d. the percentage of each dollar of income that the household wishes to spend e. the total amount the household decides to hold in cash, bonds, and other assets, at each possible interest rate
If the absolute price of a computer is $500 and the relative price of a dining room table is 3 computers, it follows that the absolute price of a dining room table is
A) $167. B) $750. C) $3,000. D) $30,000. E) none of the above