Scenario: Tom, Pat, Arthur, and Julie Are Participating in a Second-Price

Multiple Choice

Scenario: Tom, Pat, Arthur, and Julie are participating in a second-price auction for a good. Tom values the good at $150, Pat values it at $180, Arthur values it at $250, and Julie values it at $200.
-Refer to the scenario above.Tom should submit a bid of ________.

A) $150
B) $250
C) $112.50
D) $200