A second-price auction
a. is also called a Vickrey auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
a
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Because the NAAQS are set using a benefit-based decision rule, find the abatement level of sulfur dioxide that would adhere to this rule.
Suppose that the MSB and MSC of abating sulfur dioxide are as follows. Use these functions to answer parts (a) and (b) below. MSB = 32 – 0.2A MSC= 16 + 0.2A
Jenny likes chocolates. One day, a friend offers her a chocolate bar and she is extremely happy on receiving it. As the day progresses, many other people also buy her chocolate
As she gets more and more chocolates, her excitement on receiving each bar is seen to gradually lessen. Which economic principle is reflected in this example? A) The Law of Increasing Willingness to Pay B) Aggregation of demand behavior C) The Law of Diminishing Marginal Benefit D) The Law of Equi-Marginal Utility
Refer to the above figure. If a price floor of $5 was set
A) the quantity sold would be 80 units. B) the quantity sold would be 60 units. C) the quantity demanded would be 100 units. D) there would be a shortage of 20 units.
Suppose a firm can hire 100 workers at $8.00 per hour but must pay $8.05 per hour to hire 101 workers. Marginal factor cost (MFC) for the 101st worker is approximately equal to:
a. $8.00. b. $8.05. c. $13.05. d. $13.00.