What is an ascending-value auction?
In an ascending value auction, a bidder hopes to win a certain object by bidding a price below his/her valuation (maximum willingness to pay for it) but higher than anyone else's bid.
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Under oligopoly, there are ________ firms selling products that are ________
A) many; either identical or different B) a few; either identical or different C) many; different D) a few; identical
The difference between currency outstanding and currency in circulation is equal to
A) vault cash. B) bank reserves. C) coins issued by the U.S. Treasury. D) zero; they are the same thing.
Which of the following statements is incorrect? a. Job losers typically account for 50 to 60 percent of the unemployed
b. Unemployment rates in the United States during the Great Depression exceeded 50 percent. c. The labor force participation rate is the percentage of the non-institutional population over age 16 that is in the labor force. d. The increase in the labor force participation rate since 1950 can be partly attributed to the entry of baby boomers into the labor force.
Under what conditions should a competitive firm shut down in the short run?
What will be an ideal response?