The individual with the highest valuation of the good will win in which of the following auctions?

If the average costs of production decline with increases in output, then the larger a firm is, the lower its per unit costs will be

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

Suppose the exchange rate was $0.50 for one British pound. If the exchange rate falls to $0.20 for one pound, we would expect to see

A) more exports to the U.K. since the price of the pound has risen. B) fewer exports to the U.K. since the price of the pound has risen. C) more U.S. imports from the U.K. since the price of the pound has fallen. D) more U.S. exports since the price of the dollar has fallen.