Which of the following statements is true regarding protocols in various types of auctions?
a. An English auction requires bidders to begin with the highest price.
b. A Dutch auction starts with the lowest price any bidder is willing to pay, which is displayed in a one-handed clock.
c. In a Dutch auction, the first buyer to bid gets the item at the price shown in the one-handed clock.
d. In a second-price auction, the second-highest bidder gets the item.
Question 2
If the cost borne by a firm when output is zero is 100 and that of producing 5 units is 250, then the variable cost of the firm is equal to 150.
a. True
b. False
Indicate whether the statement is true or false
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