Microeconomics 1st Edition by Dean Karlan,Jonathan Morduch

Exercise 2

Sharon is going to an auction. Say whether each of the following is a rule, a strategy, or a payoff.a. Bids must increase in increments of $20.
b. The highest bid wins the item being auctioned.
c. Sharon waits until the bidding is just about to close before she enters a bid.
d. The money raised from the auction goes to charity.