You are one of 10 bidders participating in a sealed-bid auction for a nice bottle of scotch. You know your valuation is exactly $500. Which of the following statements is correct?

a)In a first-price auction, there exist opponent bids such that you would end up strictly better off bidding $400 than bidding $500. b)In a first-price auction, there exist opponent bids such that you would end up strictly better off bidding $600 than bidding $500.

c) In a second-price auction, there exist opponent bids such that you would end up strictly better off bidding $600 than bidding $500.

d) In a second-price auction, there exist opponent bids such that you would end up strictly better off bidding $400 than bidding $500.

e) In a first-price auction, regardless of your opponents' bids, you can't end up strictly better off than you would be had you bid $500.