The United States has relatively low tariffs

The optimal bidding strategy for a second-price auction is

a. To bid your true value b. To shade your bid well below your true value c. To shade your bid just a little below your true value d. To size up your competition to determine how much to shade your bid

When private benefits equal social benefits, it means that:

A. positive externalities are not present in the market. B. positive externalities are present in the market. C. no externality of any kind is present in the market. D. negative externalities are present in the market.