Since 2000, the U.S. government has generally had a government budget ________ and so the national debt has ________

In a sealed-bid, second-price auction, you should bid

A) your estimate of what others value the good at. B) one dollar more than your estimate of what the second-highest bid will be. C) your highest value. D) the common value of the good.

When economists say the supply of a product has decreased, they mean that

a. the supply curve has shifted to the left. b. the product price has decreased, and as a consequence, suppliers are producing less of the product. c. producers are now willing to sell more of this product at each possible price. d. the supply curve has shifted to the right.