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Author Question: A second-price auction a. is also called an English auction b. is where the highest bidder wins ... (Read 52 times)

burton19126

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on: Jul 1, 2018
A second-price auction
 a. is also called an English auction
  b. is where the highest bidder wins and pays the amount of the next highest bid
  c. is where the sole remaining bidder wins and pays his winning bid
  d. all of the above

Question 2

Long-run producer surplus in a perfectly competitive industry accrues mainly to:
 a. suppliers of inputs with inelastic supply curves.
  b. suppliers of inputs with elastic supply curves.
  c. firms' owners.
  d. marginal consumers.


nital

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

a


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