Katy is holding an English auction. If she estimates the values of her bidders to be 2, 4, 10, 15 ...

Katy is holding an English auction. If she estimates the values of her bidders to be 2, 4, 10, 15 and 25, she should expect to be able to make ____ off the auction
 a. Just above 10
  b. Just below 10
  c. Just above 15
  d. Just below 15

QUESTION 2

In the long-run, a perfectly competitive firm will achieve
 a. An average rate of return
  b. Above average profits
 c. Losses
 d. Economic Profits

QUESTION 3

An English auction is
 a. A sealed auction
 b. An oral auction
 c. An auction where bidders submit decreasing bids
  d. All of the above

QUESTION 4

In a perfectly competitive market industry, firm's prices are equal to
 a. Average revenue
 b. Marginal revenue
  c. Both a and b
 d. None of the above

QUESTION 5

More bidders would tend to increase the selling price at an oral auction if
 a. bidders bid less aggressively
 b. the true value of the winner is higher
  c. the true values of the losers is higher
  d. Both A&C