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Please provide an explanation for the answer. Thanks! Question pis In an oral auction among 3 bidders who are each equally likely to have a

Please provide an explanation for the answer. Thanks!

Question pis In an oral auction among 3 bidders who are each equally likely to have a value of either $20 or $100 for the item, the expected price is C $60. $20. C $40. O $100

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