The winner's curse occurs when
A) bidders "shade" their bids.
B) the winning bid is higher than the good's common value.
C) the winner buys something he didn't need.
D) the winning bid is higher than the private value of the good.
B
Economics
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The figure above shows that as a result of the tariff, producer surplus in the United States
A) decreases by $105 million per year. B) increases by $55 million per year. C) decreases by $30 million per year. D) decreases by $20 million per year. E) remains unchanged.
Economics
What is the world price of sugar without the tariff? 
A. $1,500/ton B. $2,000/ton C. $1,000/ton D. $500/ ton
Economics