In an English open outcry auction,
a. bidding opens at a high price and then the price falls until only one buyer remains
b. bids and offers may be made in any order
c. sellers with market power capture most of the benefit
d. sellers outnumber buyers
e. bidding opens at a low price and the price then increases until only one buyer remains
E
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes, and the supply curve of shoes ________
A) does not change; does not shift B) decreases; shifts rightward C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
The position of the long-run aggregate supply curve corresponds to the economy's: a. full-employment real GDP
b. maximum possible level of employment. c. natural level of personal consumption expenditure. d. maximum possible level of personal consumption expenditures. e. maximum possible price level.