In an auction where the bidders values are $740, $700, $660, $650, $400, $325 and $300, the highest three bidders decide to form a bid-rigging cartel. What would the winning bid have been without the cartel?

The goal of liberalism is to

a. redistribute income based on the assumption of diminishing marginal utility. b. redistribute income in order to improve the well-being of the worst-off person in society. c. punish crimes and enforce voluntary agreements but not to redistribute income. d. measure happiness and satisfaction.

Federal Reserve Board Chairmen Paul Volcker, as well as later Fed chairs, focused on which of the following as their main goal of monetary policy?

A) high employment B) price stability C) economic growth D) stability of financial markets