To attract more aggressive bidding in a common-value auction, as an auctioneer, you should
a. Release no information about the item
b. Do not let the bidders examine the item closely
c. Do not release any adverse information about the item
d. Release maximum information about the item, even if it is adverse
d
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At the point of maximum profit, marginal revenue equals
a. variable cost. b. fixed cost. c. average total cost. d. marginal cost.
Gross national product (GNP) of the United States is the value of all final goods and services
A) produced anywhere in the world by residents of the United States. B) produced in the United States by residents of any nation. C) produced and consumed within the United States. D) produced anywhere in the world, but consumed by residents of the United States.
Arthur Burns and Wesley Mitchell first described business cycles as ________
A) fluctuations in consumer preferences B) fluctuations in the price of bicycles C) fluctuations in aggregate economic activity D) all of the above E) none of the above
If an individual's labor supply curve is backward bending, then
A) the income effect associated with a higher wage is greater than the substitution effect. B) the substitution effect associated with a higher wage is greater than the income effect. C) the substitution effect associated with a higher wage encourages more leisure. D) A and C E) B and C