Consider an auctioneer who is selling an item through an auction. It is known that the 10 risk-neutral bidders have independent private values that are uniformly distributed between $1,000 and $2,000. Based on this information, we can conclude that the expected revenue in this auction will be:

When the Fed announces that it is raising the federal funds rate, this signals its intention to _______ bonds in the open market and _______ the money supply.

A. Buy; reduce B. Buy; increase C. Sell; reduce D. Sell; increase

According to the textbook, proponents of minimum wage laws assume that

A. the supply curve for unskilled workers is downward sloping. B. the demand curve for unskilled workers is nearly horizontal. C. the supply curve for unskilled workers is upward sloping. D. the demand curve for unskilled workers is nearly vertical.