Bid-rigging is more likely when
a. auctions are larger
b. auctions are infrequent
c. auctions generate the same set of potential bidders
d. the auctioneer is paid on commission rather than a fixed fee
c
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If most people found the lifestyle of an assembly-line worker less desirable relative to that of persons in other professions, one would expect the return on the human capital investment of
a. assembly-line workers to be higher than that of persons in other professions. b. assembly-line workers to be lower than that of persons in other professions. c. assembly-line workers and that of persons in other professions to be nonetheless equal. d. both assembly-line workers and persons in other professions to be unaffected by the subjective preferences of investors.
Deviations from the perfectly competitive market can lead to
A. inefficiently high production costs. B. higher prices and smaller outputs. C. less efficient resource allocation. D. All of the responses are correct.