Bid-rigging is more likely when
a. auctions are for larger amounts
b. auctions are frequent
c. auctions are infrequent
d. the auctioneer is paid on commission rather than a fixed fee
b
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Which of the following is the best example of an intermediate good?
a. a new fighter jet purchased by the federal government b. tires purchased by an automobile manufacturer for installation on new cars c. a new saw purchased by a carpenter d. screwdrivers purchased by a homeowner for home repairs e. aprons purchased by restaurant chefs
If a price floor is a binding constraint on a market, then
a. the equilibrium price must be above the price floor. b. the quantity demanded must exceed the quantity supplied. c. sellers cannot sell all they want to sell at the price floor. d. buyers cannot buy all they want to buy at the price floor.