Bid-rigging is more likely when
a. auctions are larger
b. auctions are infrequent
c. auctions generate different sets of potential bidders
d. the auctioneer is paid a fixed fee rather than on commission
d
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According to the classical theory of international trade
A) only countries with low wages will export. B) only countries with high wages will import. C) countries with high wages will have higher relative prices of all goods. D) All the above are false.
A monopoly firm will maximize profits by producing where
A) marginal revenue is the same in domestic and foreign markets. B) prices are the same in domestic and foreign markets. C) marginal revenue is higher in foreign markets. D) marginal revenue is higher in the domestic market. E) total revenue from domestic and foreign sales is maximized.