Which of the following is a difference between a first-price sealed-bid auction and a Dutch auction?
A) The highest bidder wins in a first-price sealed-bid auction while the second-highest bidder wins in a Dutch auction.
B) The second-highest bidder wins in a first-price sealed-bid auction while the highest bidder wins in a Dutch auction.
C) Bids are placed privately in a first-price sealed-bid auction while bids are placed publicly in a Dutch auction.
D) Bids are placed one after another in a first-price sealed-bid auction while bids are placed simultaneously in a Dutch auction.
C
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Both the long-run and the short-run Phillips curves shift if
A) the expected inflation rate changes. B) the expected unemployment rate changes. C) the natural unemployment rate changes. D) expected real GDP changes. E) the actual inflation rate changes.
Incentives work by changing the trade-offs faced by individuals
Indicate whether the statement is true or false