Multiple Choice
In a first-price auction:
A) the lowest bidder receives its actual bid as a payment for the job.
B) the lowest bidder wins the bid and pays the amount bid by the first runner-up.
C) the bidder bids less than its cost and incurs a loss.
D) the lowest bidder wins the bid and has to pay the actual bid for the good.
Correct Answer:
Verified
Correct Answer:
Verified
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