U.S. prisoners of war during World War II used cigarettes as a medium of exchange

All firms can increase profits using price discrimination

A) True, because market demand curves are downward sloping B) True, because firms can sell different versions of a product that is just right for an individual consumer C) False, because consumers aren't forced to buy a firm's products D) False, because some firms are in competitive markets

This factor contributes to the winner's curse

a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were many other bidders that you beat out d. you did not shade your bid enough