To attract more bidders, and more aggressive bidders, to your common-value auction
a. withhold relevant information about the value of the object
b. allow bidders to know how others are bidding
c. do not allow potential bidders to examine the object too closely
d. do not hold oral auctions
b
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Why is efficiency desirable?
A) It results in an equal distribution of income. B) It results in zero unemployment. C) It makes best use of the finite resources we have. D) It is the most politically popular solution.
Suppose a market basket of goods and services costs $1,000 in the base year and the consumer price index (CPI) is currently 110. This indicates the price of the market basket of goods and services is now:
A. $110. B. $1,000. C. $1,100. D. $1,225.
A nation can increase its production possibilities by:
A. shifting resources from investment good production to consumer good production. B. shifting resources from private goods to public goods. C. reducing international trade. D. improving labor productivity.
If you are willing to sell your car business for $500,00 . and someone offers you $420,00 . for it, this transaction will generate:
a. There is no surplus created b. $80,00 . worth of seller surplus and unknown amount of buyer surplus c. $40,00 . worth of buyer surplus and $40,00 . of seller surplus d. $80,00 . worth of buyer surplus and unknown amount of seller surplus