Appendix: A Dutch auction implies all of the following except
a. more than one unit sale available
b. higher prices later in the auction
c. identical expected seller revenue for common value items
d. greater expected seller revenue in estate sales with risk-averse bidders
d
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Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 400 t-shirts?
A) sales revenue B) marginal revenue C) gross earnings D) gross profit
If a firm is a price taker in both the input and output markets, its marginal revenue product of labor is given by:
a. the price of its output times the labor's marginal physical productivity. b. the marginal value product of labor. c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital. d. all of the above.
The supply of labor is determined by the:
A. number of workers. B. opportunity cost of hiring labor. C. marginal product of labor. D. All of these statements are true.
Price fixing tends to fail in an oligopoly because:
A. firms like to have flexibility in setting prices. B. each firm has an incentive to underprice the other firms. C. it increases the quantity demanded. D. consumers don't like fixed prices.