The act of buying a commodity in one market at a lower price and selling it in another market at a higher price is known as:

An effluent fee is a

A) subsidy given to the producer of a positive externality. B) charge to a polluter that gives the right to discharge pollution into the air. C) fine imposed on a polluter for dumping illegal pollution. D) charge for a public good.

In a standard highest sealed-bid auction, a bidder's best strategy:

A. requires the bidder to understand game theory to bid properly. B. is to bid slightly more than what he or she expects the second highest bidder to bid. C. is to bid what he or she would be willing to pay. D. always ensures that the person who wants it the most will get the bid.