Appendix: In Dutch auctions, the bidding
a. starts low and rises until the highest bidder wins.
b. is done in secret "sealed bids" which are opened at a specified time.
c. begins with a very high price, and is reduced until the first person takes it.
d. is accomplished by giving the price of the second highest bid to the highest bidder.
c
Economics
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Compared to ideal economic efficiency, when the production of a good generates external costs, competitive markets will result in an output that is too:
A. large and a price that is too high. B. large and a price that is too low. C. small and a price that is too high. D. small and a price that is too low.
Economics
What is another term for total surplus?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss
Economics