Multiple Choice
Anna's Antiques expects to get three bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.If three bidders show up at the auction and all of them are high-value bidders,what would the winning bid be?
A) Just above $100
B) $100
C) Just above $70
D) $70
Correct Answer:
Verified
Correct Answer:
Verified
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