To attract more bidders, and more aggressive bidders, to your auction
a. withhold relevant information about the value of the object
b. don't allow bidders to know how others are bidding
c. allow potential bidders ample time to examine the object being sold
d. do not hold oral auctions
c
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Which of the following best measures improvements in the standard of living of a nation?
A. growth of real GDP B. growth of nominal GDP C. growth of real GDP per capita D. growth of national income
On a traditional supply and demand diagram,
A. price is measured along the horizontal axis and quantity along the vertical axis. B. price is measured along the vertical axis and quantity along the horizontal axis. C. quantity demanded is measured along the horizontal axis, quantity supplied is measured along the vertical axis, and price is indicated on the contour lines. D. quantity is measured along both axes and price is indicated on the contour lines.
When an agent attempts to reveal information to the principal, which of the following is occurring?
a. Signalling b. Screening c. Moral hazard d. Asymmetric information
For a linear and upward sloping supply curve, when the consumer has to pay a positive price for the good, the variable cost to the consumer is a
A. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the demand curve. B. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the supply curve. C. rectangle. D. triangle.