Which of the following is a difference between a second-price sealed-bid auction and an English auction?
A) The highest bidder wins in a second-price sealed-bid auction while the second-highest bidder wins in an English auction.
B) The second-highest bidder wins in a second-price sealed-bid auction while the highest bidder wins in an English auction.
C) Bids are placed privately in a second-price sealed-bid auction while bids are placed publicly in an English auction.
D) Bids are placed one after another in a second-price sealed-bid auction while bids are placed simultaneously in an English auction.
Question 2
The board of education of a school district faced with a surplus of teachers, but unable to lower salaries because of union contracts, will
A) be unable to balance the quantity supplied with the quantity demanded.
B) have to hire fewer teachers than it wants to.
C) have to hire more teachers than it wants to.
D) tend to have relatively few young teachers on its payroll.
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