A second-price auction
a. is also called a Vickrey auction
b. is conducted by bidders submitting a single sealed bid
c. is where the highest bidder wins and pays the amount of the next highest bid
d. all of the above
d
Economics
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Under what circumstances will the economic rent earned by a factor of production always be zero?
A) Infinitely inelastic supply curve B) Infinitely elastic supply curve C) Somewhat inelastic supply curve D) Elastic demand curve
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Persistent negative current account balances will lead to ____
a. c and d b. d and e c. budget deficits d. appreciation of foreign currency e. depreciation of domestic currency
Economics