12. Suppose that agents 1, 2, and 3 can be matched with prizes a, b, c. The benefits of each possible match are given in a table. The Pareto efficient assignment is a b c 1 5 18 16 2 13 4 6 3 15 5 2

(A) 1b, 2c, 3a. (B) 1c, 2a, 3b. (C) 1b, 2a, 3c. (D) any of the six possible assignments.

13. The assignment produced by the ascending price auction is (A) 1b, 2c, 3a. (B) 1c, 2a, 3b. (C) 1b, 2a, 3c. (D) none of the above.

14. The price that is obtained for item a is (A) 0; (B) 3; (C) 4; (D) 7.

15. The price that is obtained for item b is (A) 0; (B) 3; (C) 4; (D) 7.