A cruiser bike is being auctioned in a first-price sealed-bid auction. You always wanted to own a cruiser bike, and therefore decide to participate in the auction. You value the bike at $4,000
On the day of the auction, you see that there are 70 other bidders. Your optimal bid in this case is ________. A) $3,500
B) $3,000
C) $4,000
D) $3,944
D
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As other firms enter a monopoly's market, the demand curve a monopoly faces
A) is unaffected. B) becomes more inelastic. C) becomes more elastic. D) may become more or less elastic, depending on its Lerner Index.
When increased demand raises the price of the product, the
A) marginal revenue product will also increase. B) marginal revenue product will fall. C) marginal revenue product will remain unchanged. D) sales will fall.
Private firms and public bureaus differ in the sense that
a. only private firms employ capital b. public bureaus usually show a profit c. some public bureaus are inefficient d. ownership of private firms is transferable e. ownership of public bureaus is transferable in the marketplace
Which of the below is true? a. A price ceiling reduces the quantity exchanged on the market, but a price floor increases the quantity exchanged on the market. b. A price ceiling increases the quantity exchanged on the market, but a price floor decreases the quantity exchanged on the market. c. Both price floors and price ceilings reduce the quantity exchanged in the market
d. Both price floors and price ceilings increase the quantity exchanged in the market.