Author Question: A second-price auction a. is also called a Vickrey auction b. is where bidders submit increasing ... (Read 97 times)

meagbuch · **on:** Jul 1, 2018

A second-price auction
a. is also called a Vickrey auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above

Question 2

A deadweight loss of consumer and/or producer surplus occurs when:
a. producers fail to maximize profits.
b. mutually beneficial transactions cannot be completed.
c. consumers do not maximize their utility.
d. the price of inputs increases.