According to the indifference principle, housing prices
a. tend to converge over time
b. tend to leave individuals indifferent about where they live
c. only tend to be different to compensate individuals for differences in living conditions
d. only B&C
Question 2
If the bidders at a second-price auction have true values of 8, 7, 6, and 5, the item will sell for
a. 8
b. 7
c. just over 7
d. just under 7
