Author Question: In the long run, if housing prices are higher in San Diego, California, versus Nashville, Tennessee, ... (Read 354 times)

pragya sharda · **on:** Jul 1, 2018

In the long run, if housing prices are higher in San Diego, California, versus Nashville, Tennessee, then
a. individuals would move to Nashville
b. individuals would move San Diego
c. there would be no movement across the two cities, since the difference in prices is pure compensation for difference in living conditions
d. Both B&C

Question 2

If the bidders at a second-price auction have true values of 78, 72, 66, and 65, the item will sell for
a. 78
b. just under 78
c. 72
d. just over 72