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Author Question: A small town in West Texas has one gas station. If the price of oil increases, the price of gas that ... (Read 64 times)

dbose

  • Hero Member
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  • Posts: 597
on: Jul 1, 2018
A small town in West Texas has one gas station. If the price of oil increases, the price of gas that the station charges will most likely
 a. increase.
 b. decrease.
 c. remains the same.
 d. may increase or decrease.

Question 2

In common value auctions
 a. Every bidder know the value of the object being sold
 b. Each bidder makes their own estimate of the value of the good
  c. All bidders know the estimates of the others
 d. The true value of the item differs across bidders


atrochim

  • Sr. Member
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  • Posts: 331
Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

b


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