The more bidders there are at an oral auction,
a. the higher the expected selling price
b. the higher each bidder bids
c. the longer that each bidder will continue to bid
d. the less each bidder will shade his bid
a
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One important difference between the international economy of today and the economy of 100 years ago is
A) that labor is so much more mobile. B) for the first time, technological innovations have reduced the barrier of distance. C) for the first time, capital is mobile. D) that price differences in different markets have narrowed. E) the presence of international bodies such as the IMF and World Bank.
In the short run, a constant (as a percentage of profits) corporate income tax imposed on a monopolist will _____
a. cause capital to flee the industry b. cause output to fall c. leave output unchanged d. cause output to rise