Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you value at $100,000, but now it is a first-price auction. What bid should you submit?
a. Exactly $100,000
b. Somewhat lower than $100,000 depending on the number of other bidders
c. Somewhat higher than $100,000 depending on the number of other bidders
d. Cannot say which of a, b, or c is right without further information
b
Economics
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A tariff is
a. a tax on financial transactions b. a tax on either imports or exports c. the result of a treaty d. a penalty imposed on importers of capital e. an agreement between countries to limit trade
Economics
The questions of what to produce, how to produce, and for whom are answered by
a. free-market economies. b. economies that are a mixture of planning and markets. c. command economies. d. all economic systems in some manner.
Economics