You are playing a game in which a dollar bill is auctioned. The highest bidder receives the dollar in return for the amount bid. However, the second-highest bidder must pay the amount that he or she bids, and gets nothing in return.
The optimal strategy is: A) to bid the smallest allowable increment below 1.
B) to bid nothing.
C) to bid 0.99.
D) to bid more than a dollar.
Question 2
The point price elasticity of demand is -1/2. The price of the product increases from 1.00 to 1.10. Given the information in Scenario 4.3, the quantity demanded will decrease by approximately:
A) 5 units.
B) 5 percent.
C) 10 units.
D) 10 percent.
E) none of the above
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