In a standard highest sealed-bid auction, a bidder's best strategy:
A. requires the bidder to understand game theory to bid properly.
B. is to bid slightly more than what he or she expects the second highest bidder to bid.
C. is to bid what he or she would be willing to pay.
D. always ensures that the person who wants it the most will get the bid.
Answer: B
Economics
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According to the law of supply,
a. more of a good is desired by consumers as the price falls. b. less of a good is desired by consumers as the price rises. c. more of a good will be offered by suppliers as the price rises. d. less of a good will be offered by suppliers as the price rises.
Economics
In capitalism,
a. there is no competition b. most property is privately owned c. the government sets most prices d. there is no freedom
Economics