To attract more bidders, and more aggressive bidders, to your auction
a. withhold relevant information about the value of the object
b. don't allow bidders to know how others are bidding
c. do not allow potential bidders to examine the object too closely
d. hold oral auctions
Question 2
The Second Theorem of Welfare Economics states that:
a. all Walrasian equilibria are also social welfare maxima.
b. social welfare maxima will usually be Pareto inefficient.
c. any social welfare maximum can be a Walrasian equilibrium with suitable transfers of initial endowments.
d. all Pareto optimal allocations are social welfare maxima.
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