Intense market competition is ________ for consumers, since it_______.
a. Bad; erodes producer surplus
b. Bad, increases variety in the market
c. Good, increases the price level in the market
d. Good; decreases the price level in the market
Question 2
To attract more bidders, and more aggressive bidders, to your common-value auction
a. withhold relevant information about the value of the object
b. don't allow bidders to know how others are bidding
c. do not allow potential bidders to examine the object too closely
d. hold oral auctions
The different types of competition in nature.
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