First-price auctions have all the following properties EXCEPT
a. Highest bid wins
b. Highest bidder pays her winning bid
c. The good is assigned to the second-highest bidder
d. The price is set to the highest bid
c
Economics
You might also like to view...
Where it can function, a market for pollution rights can serve to internalize the air-pollution externality
Indicate whether the statement is true or false
Economics
According to the text, most real world market structures are mainly
a. monopoly and perfect competition b. monopoly and oligopoly c. perfect competition and oligopoly d. oligopoly and monopolistic competition e. perfect competition and monopolistic competition
Economics