From the standpoint of economic efficiency, markets tend to provide
a. less of a public good than would be efficient.
b. more of a public good than would be efficient.
c. exactly the amount of a public good that is efficient.
d. none of the above.
A
Economics
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First-price auctions have all the following properties EXCEPT
a. Highest bid wins b. Highest bidder pays her winning bid c. The good is assigned to the second-highest bidder d. The price is set to the highest bid
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