If the bidders at a second-price auction have true values of $78, $72, $66, and $65, the item will sell for

If the market price is lower than a perfectly competitive firm's average total cost, the firm will

A) immediately shut down. B) continue to produce if the price exceeds the average fixed cost. C) continue to produce if the price exceeds the average variable cost. D) shut down if the price exceeds the average fixed cost. E) shut down if the price is less than the average fixed cost.

Since 1980, the percentage of part-time workers who are part time for economic reasons

A) has steadily decreased. B) has steadily increased. C) at first increased, then generally decreased. D) generally increased in recessions and decreased in expansions. E) has remained approximately constant.