One of the shortcomings of the activist approach is the difficulty in correctly identifying the economy's potential output level and the natural rate of unemployment

At any price below the equilibrium price, the quantity demanded exceeds the quantity supplied, and the price tends to rise.

a. true b. false

First-price auctions have all the following properties EXCEPT

a. Highest bid wins b. Highest bidder pays her winning bid c. The good is assigned to the second-highest bidder d. The price is set to the highest bid