A(n) ________ is an auction in which bids are placed publicly and the price decreases until a bidder stops the auction
A) open outcry English auction
B) open outcry Dutch auction
C) silent auction
D) penny auction
B
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Cartel members have a collective interest in ____ industry output and a private interest in ____ their own output
a. increasing; increasing b. increasing; decreasing c. decreasing; increasing d. decreasing; decreasing
If resources are being used inefficiently, where will the economy be in terms of the PPF diagram
With the Bretton Woods system of international exchange rates
A) the value of a country's currency was determined strictly by the laws of supply and demand. B) the value of a country's currency was determined by its stock of gold. C) there were fixed exchange rates, and most countries were obligated to intervene to maintain the values of their currencies within 1 percent of par value. D) a nation's balance of payments was eliminated.
Because the monopolistically competitive firm faces a ________ demand curve for its product, it ________ the price of its output
A) downward-sloping; cannot influence B) horizontal; can influence C) horizontal; cannot influence D) downward-sloping; can influence