Vickery auctions are
a. Oral auctions
b. Second price sealed bid auctions
c. English auctions
d. None of the above
b
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Refer to the scenario above. The average payoff of the bet is:
A) $50. B) $100. C) -$50. D) -$100.
Regardless of whether advertising is effective or not, it results in an increase in both fixed and total costs
a. True b. False
If entry-restricting legal barriers effectively organized the funeral home industry of a large city into a monopoly cartel, economic theory indicates that, compared to the previously competitive situation,
a. the price of funeral services would decline, and output would increase. b. both the price and output of funeral services would decline. c. the price of funeral services would increase, and output would decline. d. both the price and output of funeral services would increase.
During the period of October 1979 to October 1982; the FOMC's primary operating target resulted in:
A. the most stable period for the federal funds rate in history. B. the federal funds rate experiencing high volatility. C. the federal funds rate dropping to 2 percent (an all-time low to that date) and not rising above 3 percent. D. reserves being highly volatile.