In the United States, the reserve requirement is set by the:

Which of the following is true of a first-price sealed-bid auction?

A) Bidders directly compete with each other. B) Bidders place their bids simultaneously. C) Bidders know each other's bids. D) Bidders always bid below their willingness to pay.

Suppose an owner makes a substantial operating loss while owning a team. If history is any guide, the money lost will be

A. compounded by the fact that the team will lose even more money when he sells the team. B. just about offset by the slight gain the owner will get when he sells the team. C. much more than offset by the enormous gain the owner will get when he sells the team. D. slightly more than offset by the gain the owner will get when he sells the team.