In common value auctions
a. Every bidder know the value of the object being sold
b. Each bidder makes the same estimate of the value of the good
c. All bidders know the estimates of the others
d. The true value of the item is common across bidders
d
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Refer to Table 10-2. Holding prices constant, when Keira's income changed from $18 to $23, her utility maximizing bundle changed. Based on your answers to her optimal choices at the two income levels, what type of goods are soup and sandwiches?
A) Soup is an inferior good and sandwiches are a normal good. B) Both soup and sandwiches are normal goods. C) Both soup and sandwiches are inferior goods. D) Soup is a normal good and sandwiches are an inferior good.
In the Keynesian model, whenever planned investment is greater than planned saving
A. the amount of planned investment will decrease, and real GDP will remain unchanged. B. there will be an unplanned inventory decrease, and GDP will eventually increase. C. the amount of planned investment will decrease, and real GDP will decrease. D. there will be an unplanned inventory increase, and GDP will eventually decrease.