A situation in which a bidder over-values an auction item and is worse off because their bid is too high is known as the:

When tax revenues minus outlays is

i. positive, the government has a budget surplus. ii. negative, the government has a budget deficit. iii. zero, the government has a balanced budget. A) iii only B) ii and iii only C) i and ii only D) i only E) i, ii, and iii

The price of cotton rises. What happens in the market for cotton shirts?

A) The equilibrium price falls and the equilibrium quantity rises. B) The equilibrium price rises and the equilibrium quantity falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.