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Author Question: The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the ... (Read 195 times)

jCorn1234

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on: Jun 29, 2018
The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the difference between ________.
 
  A) his value for the item being auctioned and the value of the lowest bid
  B) his bid and the second-highest bid
  C) his maximum willingness to pay for the good and his bid
  D) his bid and the market price of the item

Question 2

A skill-biased technological change is likely to:
 
  A) increase the wage of skilled labor.
  B) increase the wage of unskilled labor.
  C) decrease the demand for skilled labor.
  D) increase the marginal productivity of unskilled labor.


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jesse.fleming

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


jCorn1234

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Reply #2 on: Jun 29, 2018
Thank you


jesse.fleming

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Reply #3 on: Jun 29, 2018
No problemo


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