What are the different types of auctions based on how the price of the item being auctioned is determined?
What will be an ideal response?
Auctions can be divided into two types based on how price is determined. In some cases, people pay what they actually bid. In others, the next highest bid determines the price.
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To counteract relative price changes, the government would implement:
A. polices that affect the supply and demand for a specific good. B. fiscal policy. C. monetary policy. D. policies that affect the supply and demand for all goods and services.
If a state requires all drivers to purchase auto insurance, insurance companies still face the problem of
A) sunk costs. B) excess demand for their insurance. C) correctly pricing their insurance. D) adverse selection.
With respect to consuming food and shelter, two consumers choose the same bundles and both claim to be in equilibrium. We therefore know that
A) they both have the same MRS of food for shelter. B) they both face the same prices. C) they both face the same budget lines. D) None of above.
Flat tax
A. is same tax rate to everyone. B. is same tax rate to each component of income. C. allows a tax base with no deductions with a few exemptions and expenses. D. is same tax rate to everyone and to each component of income only. E. all of these answer options are correct.