More bidders increase the selling price in a second-price auction because
a. the true values of the losers is higher
b. the true value of the winner is higher
c. bidders bid more aggressively
d. bidders shade their bids by less
Question 2
When prices drop in response to a decline in demand for an increasing cost industry:
a. producer surplus will increase but rents may decrease.
b. rent earned by elastically supplied inputs will decline by more than rent earned by inelastically supplied inputs.
c. rent earned by elastically supplied inputs will decline by less than rent earned by inelastically supplied inputs.
d. both producer surplus and rents will increase.
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