In a second-price sealed-bid auction, ________
A) bidders submit their bids privately
B) bidders place their bids one after another
C) bidders know each other's bid
D) bidders bid above their willingness to pay
A
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Suppose the money market is in the liquidity trap and the Fed increases the supply of money. We expect that
A) people will end up willingly holding more money. B) the excess money holdings will flow into the loanable funds market and there will be a decrease in interest rates. C) interest rates will increase, since the demand curve for money is upward sloping in this case. D) eventually, via the transmission mechanism, Real GDP will increase.
Refer to the diagram for a purely competitive producer. The firm's short-run supply curve is:
A. the abcd segment and above on the MC curve.
B. the bcd segment and above on the MC curve.
C. the cd segment and above on the MC curve.
D. not shown.