In oral auctions, the price that the winner pays depends on
a. The winner's willingness to pay
b. The highest willingness to pay among the losers
c. The lowest willingness to pay among the losers
d. None of the above
b
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In the figure above, the equilibrium market price is $20. The producer surplus is shown by the area
A) A. B) B. C) A + B. D) A รท B. E) A - B.
According to the classical model, in the labor market
a. perfect information about the market price by market participants is required. b. the labor market is always in equilibrium. c. prices and wages are perfectly flexible. d. both suppliers and purchasers of labor must know the relevant trading prices. e. All of the above.
Consumers who are more sensitive to changes in price suffer a greater loss of consumer surplus from any given price increase
Indicate whether the statement is true or false
The value of the consumer price index (CPI) is always equal to ______________ in the base year
A) 1 B) 10 C) 100 D) 1,000 E) There is not enough information given to answer this question.