Question
QUESTION 1 You are bidding in a second-price auction for a painting that you value at $800. You estimate that other bidders are most likely
QUESTION 1
You are bidding in a second-price auction for a painting that you value at $800. You estimate that other bidders are most likely to value the painting at between $200 and $600. Which of these is likely to be your best bid?
| A. | $1,000 | |
| B. | $800 | |
| C. | $600 | |
| D. | $400 |
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Economics of Money Banking and Financial Markets
Authors: Frederic S. Mishkin
12th edition
134733821, 134733827, 9780134734507 , 978-0134733821
