The figure above shows the market for milk in Cowland. If a subsidy paid to producers of $1 per gallon of milk is introduced, how many gallons are sold per year?

This factor contributes to the winner's curse

a. your estimate of the value of the object was the most optimistic b. your bid was not the highest c. there were not many other bidders you had to beat out d. you did not shade your bid enough

An economy's resources:

a. are limited in quantity. b. are always efficiently utilized. c. consist of land, labor, capital, and money. d. are unrelated to its standard of living. e. are unlimited when we use the latest technology.