The winner in a first-price sealed-bid auction pays an amount ...

[genevieve1028]

The winner in a first-price sealed-bid auction pays an amount equal to ________.
 
  A) his bid
  B) the second-highest bid
  C) half of his bid
  D) the lowest bid

Question 2

Which of the following is true when a Nash equilibrium is reached in a duopoly with homogeneous products?
 
  A) Both the firms earn positive economic profits.
  B) Each firm charges a price equal to its average fixed cost.
  C) Both the firms earn zero economic profits.
  D) Both firms incur huge losses.

[kkenney]

Answer to Question 1

A

Answer to Question 2

C

[genevieve1028]

Thanks for the timely response, appreciate it

[okolip]

Great answer, keep it coming