In a first-price auction:
a. the lowest bidder receives its actual bid as a payment for the job.
b. the lowest bidder wins the bid and pays the amount bid by the first runner-up.
c. the bidder bids less than its cost and incurs a loss.
d. the lowest bidder wins the bid and has to pay the actual bid for the good.
A
Economics
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Refer to Figure 7-1. At the market equilibrium
A) the marginal benefit is less than the marginal cost. B) the marginal benefit is greater than the marginal cost. C) the marginal benefit is equal to the marginal cost. D) the marginal benefit is zero.
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The lower half of income earners pay ________ of federal income taxes.
A. 1% B. 14% C. 2% D. 38%
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