Scenario: Four Friends-Tom, Bill, Jeff, and Roger-Are Participating in an English

Multiple Choice

Scenario: Four friends-Tom, Bill, Jeff, and Roger-are participating in an English auction. Tom values the good being auctioned at $500, Bill values it at $210, Jeff values it at $350, and Roger values it at $625.
-Refer to the scenario above.In this case,a Nash equilibrium occurs if ________.

A) each of them bids up to their value for the good
B) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value for the good
C) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good
D) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively