The more bidders there are at an oral auction,
a. the higher the expected selling price
b. the higher each bidder bids
c. the longer that each bidder will continue to bid
d. the less each bidder will shade his bid
a
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In general, horizontal mergers will
A) increase the number of firms in an industry. B) decrease the number of firms in an industry. C) increase competition in an industry. D) reduce economic profits in an industry.
The presence of the automatic stabilizers means an increase in the budget deficit will be automatically experienced during a recession whereas a budget surplus will be automatically experienced during an economic expansion
a. True b. False Indicate whether the statement is true or false
Which of the following countries is not a member of the Economic Monetary Union?
a. England b. Italy c. Spain d. Finland
In a perfectly competitive market, the average revenue curve of a firm is
A) the same as its total revenue curve. B) the same as its demand curve. C) the same its economic profits. D) the difference between its total revenue curve and its marginal revenue curve.