What is the difference between the two types of sealed-bid auctions?
What will be an ideal response?
The two types of sealed-bid auctions are first-price sealed-bid auctions and second-price sealed-bid auctions. In a first-price sealed-bid auction, each bidder submits his bid privately. The highest bidder wins and pays an amount equal to his bid. In a second-price sealed-bid auction, each bidder submits his bid privately. The highest bidder wins and pays an amount equal to the second-highest bid.
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The most significant form of revenue in developed countries is the income tax
a. True b. False
The substitution effect of a change in wage rate on a firm's demand for labor input will be more significant
a. the greater the change in output. b. the more sharply curved are the firm's isoquants. c. the flatter are the firm's isoquants. d. the larger the quantity of labor employed.