A private auction is an auction in which
A) individuals know their own value of the good and everyone else's valuation, too.
B) individuals have their own valuation of the good but don't know everyone else's.
C) many auctions are auctioned off at the same time.
D) only one good is auctioned off.
B
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When the percentage change in the quantity demanded is less than the percentage change in price, then demand is
A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.
The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result to
A) differences in technology. B) differences in preferences. C) differences in labor productivity. D) differences in resources. E) gravity relationships among countries.
General-equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously. B) how an equilibrium is determined in all closely related markets. C) the effects of a change in a market, and all spillover effects in all related markets. D) All of the above.
In the short run, all costs are fixed
a. True b. False