Multiple Choice 1. Equilibrium a. is a concept unique to economics. b. always occurs where supply equals demand. C. results when opposing forces fail to cancel each other out. d. indicates balance. e. all of the above
Part i Vocabulary Structure(25%) Directions: There are 25 incomplete sentences here, each with a blank. You are required to complete each one by choosing the most appropriate answer from the 4 choices marked A.B.c and D 1. Molly watching football matche T B. interested C. ke
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1. Asymmetric auctions Consider an interdependent-values auction with two bidders, each of whom observes an i.i.d uniform signal s; E [ 0, 1]. Bidder i' s valuation for the object is equal to