You are one of five risk-neutral bidders participating in an independent private values auction. Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $10,000 and $50,000. For each of the following auction types, determine your optimal bidding strategy if you value the item at $28,000.

a. First-price, sealed-bid auction. multiple choice 1

• Bid $50,000
• Bid $24,400
• Bid $10,000
• Bid $28,000

b. Dutch auction. multiple choice 2

• Let the auctioneer continue to lower the price until it reaches $10,000, and then yell "Mine!".
• Let the auctioneer continue to lower the price until it reaches $50,000, and then yell "Mine!".
• Let the auctioneer continue to lower the price until it reaches $24,400, and then yell "Mine!".
• Let the auctioneer continue to lower the price until it reaches $28,000, and then yell "Mine!".

c. Second-price, sealed-bid auction. multiple choice 3

• Bid $50,000
• Bid $28,000
• Bid $10,000
• Bid $24,400

d. English auction. multiple choice 4

• Remain active until the price exceeds $24,400, and then drop out.
• Remain active until the price exceeds $10,000, and then drop out.
• Remain active until the price exceeds $50,000, and then drop out.
• Remain active until the price exceeds $28,000, and then drop out.