An economic model includes
A) only normative statements.
B) no use of marginal concepts.
C) all known details in order to increase its accuracy.
D) only details considered essential.
Question 2
Which of the following is true of a first-price sealed-bid auction?
A) Bidders directly compete with each other.
B) Bidders place their bids simultaneously.
C) Bidders know each other's bids.
D) Bidders always bid below their willingness to pay.
