If the equilibrium price of corn is 20 cents an ear and the government imposes a floor of 30 cents an ear, the price of corn will ______________________.

The optimal bidding strategy for an oral auction is

a. To shade your bid below your true value and drop out well before it is reached b. To shade your bid below your true value and drop out just when the shaded amount is reached c. To bid drop out when the bidding exceeds your true value d. To size up your competition to determine how much to shade your bid

Trade restrictions will stop foreign imports, which will increase American employment and protect American jobs. Most economists realize this argument is wrong. Can you explain why?