An economic model includes A) only normative statements. B) ...

[jlmhmf]

An economic model includes
 
  A) only normative statements.
  B) no use of marginal concepts.
  C) all known details in order to increase its accuracy.
  D) only details considered essential.

Question 2

Which of the following is true of a first-price sealed-bid auction?
 
  A) Bidders directly compete with each other.
  B) Bidders place their bids simultaneously.
  C) Bidders know each other's bids.
  D) Bidders always bid below their willingness to pay.

[polinasid]

Answer to Question 1

D

Answer to Question 2

B