The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the difference between ________
A) his value for the item being auctioned and the value of the lowest bid
B) his bid and the second-highest bid
C) his maximum willingness to pay for the good and his bid
D) his bid and the market price of the item
C
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Game theory provides tools that are used to model:
A. the cost functions faced by firms. B. consumer demand. C. strategic interdependencies. D. the behavior of perfectly competitive firms.
Who wrote the following criticism of European colonial expansion into poorer non-European nations? "The superiority of force happened to be so great on the side of the Europeans, that they were enabled to commit with impunity every sort of injustice
in those remote countries." A) Adam Smith B) Karl Marx C) Alfred Marshall D) John Maynard Keynes E) John Kenneth Galbraith
Which of the following is a reason behind low standards of living in developing countries?
a. High human and physical capital per worker b. Low human and physical capital per worker c. Low birth rates d. High tax rates e. Low public expenditure
Charging firms that emit pollutants is one way to deal with pollution
a. True b. False Indicate whether the statement is true or false