Multiple Choice
Scenario: An ancient painting is being auctioned off in an English auction. The following table shows the maximum willingness to pay of each bidder.
-Refer to the scenario above.The optimal strategy for Rachel is to bid a price ________.
A) above her willingness to pay
B) equal to half the amount she is willing to pay
C) equal to 5/6 times her willingness to pay
D) up to her willingness to pay
Correct Answer:
Verified
Correct Answer:
Verified
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