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
QUESTION 2All these are characteristics of a monopoly except,
a. There is one seller of the product
b. Has few substitutes
c. Controls a large share of the market
d. Controls a small share of the market
QUESTION 3In common value auctions
a. Bidders do not know the value of the object being sold
b. Each bidder makes the same 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
QUESTION 4A monopoly has
a. A perfectly elastic demand curve
b. A perfectly elastic supply curve
c. An inelastic demand curve
d. A more elastic demand curve than a competitive firm
QUESTION 5With which choice are you more likely to avoid Bid-rigging cartels?
a. Winning bids are not identified
b. Winning bidders are not identified
c. Cheaters do not fear punishment from other cartel members
d. All of the above
QUESTION 6A monopoly has
a. A perfectly elastic demand curve
b. A perfectly elastic supply curve
c. An inelastic demand curve
d. A less elastic demand curve than a competitive firm
QUESTION 7With which choice are you more likely to avoid Bid-rigging cartels?
a. The winning bids are announced
b. The winning bids are not announced
c. Winning bids are announced right after the auction
d. Both A&C
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