Which of the following is a similarity between a first-price sealed-bid auction and a Dutch 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 his bid in both the auctions.
Question 2
A collusion breaks down if ________.
A) a firm charges a price higher than the price set by the other colluding firms
B) a firm charges a price lower than the price set by the other colluding firms
C) the price set by the colluding firms equals the marginal cost of production
D) the price set by the colluding firms exceeds the marginal cost of production
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