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Author Question: An economic model includes A) only normative statements. B) no use of marginal concepts. C) all ... (Read 81 times)

jlmhmf

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on: Jun 29, 2018
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.


polinasid

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

D

Answer to Question 2

B


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