To avoid the winners curse
a. Bid as if you have estimated the valuation higher than any other bidder
b. Bid as if you have estimated the valuation highest
c. Bid as if you are the smartest of all the bidders
d. Bid as if everyone else has a terrible estimate of the value of the product
b
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The purchasing power of money decreases as the
A) demand increases. B) employment increases. C) price level increases. D) production decreases.
Refer to Figure 9-5. With the tariff in place, the United States consumes
A) 18 million pounds of coffee. B) 20 million pounds of coffee. C) 26 million pounds of coffee. D) 38 million pounds of coffee.
Ceteris paribus means
A) "all variables are independent." B) "other things being equal." C) "some assumptions must be accepted without proof." D) "some theories are not rational."
The pricing rule MR=MC hold for
a. All firms b. Single product firms c. Multiple product firms d. None of the above