In a Dutch auction, the winner pays a price equal to ________. ...

[LCritchfi]

In a Dutch auction, the winner pays a price equal to ________.
 
  A) the market price of the good
  B) the value of the lowest bid
  C) his value for the good
  D) his bid

Question 2

Differentiate between an oligopoly and a monopolistic competition on the basis of the number of firms and the degree of product differentiation.
 
  What will be an ideal response?

[Tonyam972]

Answer to Question 1

D

Answer to Question 2

There are fewer firms in an oligopoly market than in monopolistic competition. There are two categories of oligopoly on the basis of the degree of product differentiationolig opoly with homogeneous products and oligopoly with differentiated products. All firms in a monopolistic competition produce differentiated products.

[LCritchfi]

Gracias!

[ricroger]

Thanks for the timely response, appreciate it