Which of the following is true of a first-price sealed-bid auction?
A) Bidders directly compete with each other.
B) Bidders place their bids simultaneously.
C) Bidders know each other's bids.
D) Bidders always bid below their willingness to pay.
B
Economics
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Initially, demand-pull inflation will
A) increase both the price level and increase real GDP. B) shift the aggregate supply curve rightward. C) decrease potential GDP. D) increase the price level and decrease real GDP. E) increase the price level and not change real GDP.
Economics
Fragmented markets are those that are
a. functioning in relative isolation from each other b. separated by considerable distance c. functioning only some of the time d. easily destroyed by outside events e. none of the above
Economics