Which of the Following Is True of an English Auction

Multiple Choice

Which of the following is true of an English auction with private buyers?

A) The bid value can exceed the reservation price of the buyer who wins.
B) A typical buyer shades his/her bid below the true private value.
C) A bidder takes a decision under uncertainty.
D) The final price is approximately equal to the second highest buyer value.
E) The first bidder obtains the item getting auctioned at the current price.