In a Sealed-Bid, First-Price Auction with Perfect Information, the Winner

Multiple Choice

In a sealed-bid, first-price auction with perfect information, the winner of the auction is:

A) The bidder who values the object least and pays what the object is worth to the next highest bidder plus the bidding increment.
B) The bidder who values the object most and pays what the object is worth to the next highest bidder plus the bidding increment.
C) The bidder who values the object least and pays what the object is worth to the highest bidder.
D) None of the above.