Author Question: Overbidding in a second-price sealed-bid auction is likely to result in a ________. A) negative ... (Read 80 times)

jho37 · **on:** Jun 29, 2018

Overbidding in a second-price sealed-bid auction is likely to result in a ________.

A) negative consumer surplus
B) positive consumer surplus
C) zero producer surplus
D) negative producer surplus

Question 2

In the figure above, suppose the government provides vouchers worth 15,000 per student per year. Then the market equilibrium occurs at a tuition of ________ a year and ________ million students.

A) 10,000; 15
B) 25,000; 15
C) 15,000; 15
D) 15,000; 7.5
E) 20,000; 20