Economists love auctions because
a. They maximize consumer surplus
b. They minimize producer surplus
c. They set the price for the item, avoiding costly negotiations
d. They open the door to costly negotiations, with room for manipulation
c
Economics
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A market in which there are many sellers who sell differentiated products is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Economics
Which of the following is most likely to help the residents of a nation produce more goods and services and achieve higher income levels?
a. Higher tax rates. b. A higher rate of investment. c. A smaller trade sector. d. Greater use of taxation to transfer income from the rich to the poor.
Economics