Which of the following is a similarity between a second-price sealed-bid auction and an English auction?
A) Bids are placed privately in both the auctions.
B) Bids are placed publicly in both the auctions.
C) Bidders place their bids simultaneously in both the auctions.
D) The winner pays an amount equal to the second-highest bid in both the auctions.
Question 2
If the market for Twinkies is in equilibrium, then
A) Twinkies must be a normal good.
B) producers would like to sell more at the current price.
C) consumers would like to buy more at the current price.
D) the quantity supplied equals the quantity demanded.
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