In common value auctions
a. Bidder do not know the value of the object being sold
b. Each bidder makes the same estimate of the value of the good
c. All bidders know the estimates of the others
d. The true value of the item differs across bidders
a
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Which of the following is true?
A) The market demand curve for a public good has a positive slope. B) The market demand curve for a private good has a positive slope. C) The market demand curve for a public good is arrived at by the horizontal sum of individual demand curves. D) The market demand curve for a public good is arrived at by the vertical sum of individual demand curves.
Kelly's marginal utilities for magazines and packages of gummy bears are listed in the table above. For Kelly, what is the total utility received from consuming 5 magazines?
A) 5 B) 20 C) 25 D) 255
Voluntary exchange increases economic efficiency
A) because neither the buyer nor the seller would agree to a trade unless they both benefit. B) because voluntary exchange only takes place with government permission. C) because it allows wealthy individuals to act altruistically and give to the poor. D) because it is free and consequently does not cost anything.
If money supply increases, P will rise as long as V and Q remain constant
a. True b. False Indicate whether the statement is true or false