Multiple Choice
Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you value at $100,000,but now it is a first-price auction.What bid should you submit?
A) Exactly $100,000
B) Somewhat lower than $100,000 depending on the number of other bidders
C) Somewhat higher than $100,000 depending on the number of other bidders
D) Cannot say which of a,b,or c is right without further information
Correct Answer:
Verified
Correct Answer:
Verified
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