In a common-value auction
a. Every bidder knows the exact value of the item being auctioned
b. Each bidder knows everyone else's value of the item
c. The value is the same for all the bidders
d. All of the above
c
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Which of the following are examples of product/service differentiation?
a. 24 hour dry cleaning service b. Michael Jordan endorses Nike c. Amazon's Prime Shipping d. All of the above are examples of product or service differentiation.
Oligopolistic firms that practice sales revenue maximization will produce
a. more and charge less than a profit maximizer. b. less and charge more than a profit maximizer. c. more and charge more than a profit maximizer. d. less and charge less than a profit maximizer.
The rate of unemployment when the economy is fully employed is called the
A. full-employment rate of unemployment. B. natural rate of unemployment. C. frictional rate of unemployment. D. structural rate of unemployment.
If a good has an external cost, the
A) unregulated competitive market outcome is efficient. B) marginal private cost reflects the external cost. C) unregulated competitive market outcome is inefficient. D) marginal social benefit is equal to the marginal social cost when the market is in equilibrium. E) external benefit must equal the external cost.