In a first-price auction:
a. the lowest bidder receives its actual bid as a payment for the job.
b. the lowest bidder wins the bid and pays the amount bid by the first runner-up.
c. the bidder bids less than its cost and incurs a loss.
d. the lowest bidder wins the bid and has to pay the actual bid for the good.
A
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If the Federal Reserve conducts an open market sale, the
A) interest rate will decrease. B) interest rate will increase. C) interest rate will not change. D) money supply is increased.
In the factor payments approach, owners of land receive
a. wages b. user fees c. rent d. interest e. profit
Carefully define the following terms and explain their importance in the study of macroeconomics:
a. expenditure schedule b. saving schedule c. equilibrium GDP d. leakages schedule e. injections schedule
When a movement up along the aggregate supply curve occurs, there is also
A) no movement along nor a shift in the short-run Phillips curve. B) a rightward shift of the short-run Phillips curve. C) a movement up along the short-run Phillips curve. D) a movement down along the short-run Phillips curve. E) a leftward shift of the short-run Phillips curve.