Multiple Choice
Scenario: John, Jacob, Alex, and Maria participate in a first-price auction for an iPod. John values the iPod at $400, Jacob values it at $300, Alex values it at $250, and Maria values it at $200.
-Refer to the scenario above.John should submit a bid of ________.
A) $400
B) $300
C) $100
D) $200
Correct Answer:
Verified
Correct Answer:
Verified
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