2. Suppose that three bidders in a private values auction have the following true valuations for an antique clock: Bidder A: $500 Bidder B: $475 Bidder C: $525 a. Suppose the clock is auctioned in an open outcry English auction with bidding increments of $5. Who wins the auction and at what price? b. Suppose that the auctioneer decides to hold a Second Price, Sealed Bid auction instead. Who wins and at what price? c. Suppose that the true values shown above are the same, but the object up for auction is now a business license to operate a food cart that sells ice cream near an amusement park. What outcome would you expect for an open outcry English auction with bidding increments of $5 ? Who wins the auction and at what price? Explain why your answer is different from the answer you gave in part (a)