This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the ... (Read 133 times)

jCorn1234

  • Hero Member
  • *****
  • Posts: 545
on: Jun 29, 2018
The consumer surplus enjoyed by the winner of a first-price sealed-bid auction is equal to the difference between ________.
 
  A) his value for the item being auctioned and the value of the lowest bid
  B) his bid and the second-highest bid
  C) his maximum willingness to pay for the good and his bid
  D) his bid and the market price of the item

Question 2

A skill-biased technological change is likely to:
 
  A) increase the wage of skilled labor.
  B) increase the wage of unskilled labor.
  C) decrease the demand for skilled labor.
  D) increase the marginal productivity of unskilled labor.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jesse.fleming

  • Sr. Member
  • ****
  • Posts: 301
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


jCorn1234

  • Hero Member
  • *****
  • Posts: 545
Reply #2 on: Jun 29, 2018
Thank you


jesse.fleming

  • Sr. Member
  • ****
  • Posts: 301
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
The National Organization for Women holds a rally in Illinois for the Equal Rights Amendment. In ... The National Organization for Women holds a rally in Illinois for the Equal Rights Amendment. In ...
Typical box used for the disposal of bagged, sealed, and autoclaved biological waste. Typical box used for the disposal of bagged, sealed, and autoclaved biological waste.
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
Understanding Food Claims Not all label claims are created equal! Understanding Food Claims Not all label claims are created equal!
Kepler’s Law of Equal Areas Kepler’s Law of Equal Areas
Video: Membrane transport proteins - pores, gated channels and pumps

For a complete list of videos, visit our video library