What is an English auction?

What will be an ideal response?


An English auction is an open outcry auction in which the price increases until there is only one standing bid. That bidder wins the item and pays his or her bid.

Economics

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Over the past several decades, technological change has led to a significant amount of consolidation in the U.S. brewing industry

Indicate whether the statement is true or false

Economics

Which of the following is an example of a good with a highly elastic demand curve?

a. Pencils b. Books c. Bread d. Sports vehicles

Economics

[Appendix material: calculus required] Given the benefit function B(Y) = 400Y ? 2Y2, the marginal benefit is: 

A. 400 ? 2Y2. B. 800 ? 2Y. C. 400 ? 4Y. D. 200Y.

Economics

In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:

A. decreasing political instability. B. decreasing population growth. C. increasing corruption. D. reducing investment.

Economics