Which of the following is a difference between a first-price sealed-bid auction and a Dutch auction?
A) The highest bidder wins in a first-price sealed-bid auction while the second-highest bidder wins in a Dutch auction.
B) The second-highest bidder wins in a first-price sealed-bid auction while the highest bidder wins in a Dutch auction.
C) Bids are placed privately in a first-price sealed-bid auction while bids are placed publicly in a Dutch auction.
D) Bids are placed one after another in a first-price sealed-bid auction while bids are placed simultaneously in a Dutch auction.
C
You might also like to view...
If the income elasticity of demand for a good is negative, this means that:
a. only the poor will buy the good. b. as incomes fall, less will be spent on the good. c. as incomes rise, the demand for the good will fall. d. the good does not obey the law of demand.
The short-run aggregate supply curve slopes upward because: a. firms normally can purchase some inputs at prices that are temporarily fixed in the short run. b. firms seek maximum profits and always try to increase output in the short run
c. firms purchase inputs that increase in price as the price level rises in the short run. d. All of the above are correct.
If the demand curve facing a firm had a price elasticity of demand equal to zero and the firm raised its price, its total revenue would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.
Who probably would argue that you need to study the trees before you can understand the forest?
A. A Keynesian economist B. A positive economist C. A macroeconomist D. A microeconomist