In the reality TV show Storage Wars, people bid on the contents of repossessed storage units without being able to evaluate the contents. This is an example of a ________ auction
A) common value
B) private value
C) Dutch
D) second-price
A
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One key purpose of economic regulation is
A) to force a firm to produce at the point at which marginal cost equals marginal revenue. B) to control the quality of service provided by a monopolist. C) to control the price that regulated enterprises are allowed to charge. D) to focus on the impact of production on the environment and society, the working conditions under which goods and services are produced, and sometimes the physical attributes of goods.
George Carlson wears cuff links with his dress shirts and he loves the new pair his wife bought him. He adds it to his collection, which he now values at $650 . Before the new purchase, he valued the collection at $575 . What can we say about the marginal utility of the new cuff links to him? a. The marginal utility of the new pair is $650 and it's higher than the marginal utility of any pair he
already had. b. The marginal utility of the new pair is $650 and it's lower than the marginal utility of any pair he already had. c. The marginal utility of the new pair is $75 . d. The marginal utility of the new pair is $575 and it's higher than the marginal utility of any pair he already had. e. The marginal utility of the new pair is $75 and it's higher than the marginal utility of any pair he already had.
Monopolistic competition is characterized by which of the following attributes? (i) free entry (ii) product differentiation (iii) many sellers
a. (i) and (iii) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)
A consumer maximizes utility when she consumes at a point where a. the marginal utility of each good is the same
b. the marginal utility per dollar spent on each good is the same. c. the price of each good is the same. d. All of the above statements are true.