1.5. Suppose you are bidding on a used car and someone else bids above the highest amount...

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1.5. Suppose you are bidding on a used car and someone else bids above the highest amount that you are willing to pay. What can you say for sure about that person's monetary value of the good compared to yours?

The Price System: Signals, Speculation, and Prediction • CHAPTER 7 • 127

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