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Author Question: The winner in a first-price sealed-bid auction pays an amount equal to ________. A) his bid B) ... (Read 114 times)

genevieve1028

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on: Jun 29, 2018
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.


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kkenney

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

A

Answer to Question 2

C


genevieve1028

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

Perkypinki

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Reply 3 on: Yesterday
Excellent

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