Which of the following is a similarity between a second-price sealed-bid auction and an English auction?
A) Bids are placed privately in both the auctions.
B) Bids are placed publicly in both the auctions.
C) Bidders place their bids simultaneously in both the auctions.
D) The winner pays an amount equal to the second-highest bid in both the auctions.
D
You might also like to view...
Government works to create a competitive marketplace to help foster competition, yet it also awards patents which prevent competition. Why are both competition and the patent system essential to creating a large economic pie?
What will be an ideal response?
If the economy were producing at point A and moved to point B the opportunity cost in terms of lost production of robots would be
A. 1 unit of robots.
B. 2 units of robots.
C. 3 units of robots.
D. 2 units of outboard motors.
High-powered money minus reserves equals
A) reserves. B) currency in circulation. C) the monetary base. D) the nonborrowed base.
Which would cause an increase in quantity supplied of product A?
a. A decrease in the price of resources used in producing A b. An increase in the price of product B, a complement in the production of A c. An increase in the price of A d. An improvement in technology affecting the production of A