Author Question: Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you ... (Read 55 times)

@Brianna17 · **on:** Jul 1, 2018

Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you value at 100,000, but now it is a first-price auction. What bid should you submit?
a. Exactly 100,000
b. Somewhat lower than 100,000 depending on the number of other bidders
c. Somewhat higher than 100,000 depending on the number of other bidders
d. Cannot say which of a, b, or c is right without further information

Question 2

Examples of incentive pay include
a. allowing employees a certain number of personal days
b. providing onsite parking for employees
c. bonuses for meeting deadlines
d. offering a certain number of sick days