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Suppose your professor comes to class one day and offers to sell a $20 bill to the highest bidder. The only caveat is that in

Suppose your professor comes to class one day and offers to sell a $20 bill to the highest bidder. The only caveat is that in this auction market, the top two bidders have to pay whatever they bid. Your professor knows that as soon as two students are rash enough to enter the bidding, he is practically guaranteed to make a substantial profit from this market. What does he know that you do not?

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