The winner's curse is more likely
a. when there is only one bidder
b. when demand for the good being auctioned is increasing
c. when the value of the good being auctioned is common knowledge
d. when the value of the good being auctioned is uncertain
e. when the marginal cost of information is low
D
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Assume that the economy is at a long run equilibrium and oil prices rise. As a result, the ________ shifts ________
A) AD; rightward B) AD; leftward C) SAS; rightward D) SAS; leftward
Left unregulated, the equilibrium amount produced in the market described in the table above is
A) 550 units. B) 600 units. C) 650 units. D) 700 units.
If the supply of a factor is perfectly inelastic, then
A) no more than the existing quantity can be supplied. B) the supply curve is horizontal. C) sellers will provide whatever quantity is demanded at the going price. D) a fall in price results in no quantity being supplied.
According to Keynes, the least variable component of aggregate expenditures is
a. consumption. b. inventories. c. total investment. d. imports