Appendix: Revenue equivalence theorem refers to equal seller revenue in which of the following pairs:
a. sealed bid auctions and English auctions
b. second highest wins and pays auctions and Dutch auctions
c. English highest wins and pays auctions and sealed bid Dutch auctions
d. highest wins and pays auctions and second highest wins and pay auctions
c
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Which of the following would increase the quantity of LCD TVs demanded but would not increase the demand for LCD TVs?
a. an increase in the price of plasma TVs, a substitute b. an increase in incomes assuming that LCD TVs are normal goods c. an increase in the expected future price of LCD TVs d. a decrease in the current price of LCD TVs
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.