Bidding in a Dutch auction continues until ________
A) no bidder is willing to bid any higher
B) a bidder accepts the price announced by the auctioneer
C) a bidder bids above the market price of the good
D) a bidder bids below the starting bid
B
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Dee loves to landscape her yard, but her neighbor Marvin places a low value on his landscaping. When Marvin's grass is neglected and gets long, Dee will mow it for Marvin. This is an example of
a. a situation in which the Coase theorem fails to explain the lawn mowing arrangement. b. an improper allocation of resources. c. a private solution to a negative externality problem. d. an exploitation of a common resource.
Answer the following statement(s) true (T) or false (F)
1. The demand curve for a monopolistic firm is the same as the demand curve for its market. 2. A monopolist’s marginal revenue always less than the price. 3. A monopolist will intentionally operate on the inelastic portion of its demand curve. 4. If marginal costs exceed marginal revenues, profits drop. 5. Multiplying average total cost by the output level gives the total cost.