The ability to produce a good using fewer resources than someone else is called

First-price auctions have all the following properties EXCEPT

a. Highest bid wins b. Highest bidder pays the second highest bid c. The item is won by the highest bidder d. The price is set to the highest bid

The Keynesian-cross model implies that changes in aggregate supply cause fluctuations in real GDP

a. True b. False Indicate whether the statement is true or false