A cartel is a group of firms that attempts to
A) maximize joint revenue.
B) maximize joint profit.
C) behave independently.
D) increase consumer surplus.
Question 2
The result that different auction styles in which the good goes to the winner with the highest valuation of the good generate the same amount of revenue is called
A) Revenue Equivalence Theorem.
B) Marginal Revenue Theory.
C) Auction Revenue Theory.
D) First Bid Revenue Theorem.