If adopted by a firm, a labor-saving piece of technology is one that would:

If a perfectly competitive firm is maximizing its profit and is making an economic profit, which of the following is correct?

i. Price equals marginal revenue. ii. Marginal revenue equals marginal cost. iii. Price is greater than average total cost. A) i only B) i and ii only C) ii and iii only D) i and iii only E) i, ii, and iii

The optimal bidding strategy in a second-price sealed-bid auction is similar to the optimal bidding strategy in a(n) ________ auction. In both auctions, dominant strategies are at work

A) open-outcry English B) open-outcry Dutch C) first-price sealed-bid D) penny