In a Sealed-Bid, First-Price Auction in Which the Bidding Increment

In a sealed-bid, first-price auction in which the bidding increment is $0.01:

A) Only the winner submits a bid equal to what he or she values the object.
B) Only the loser submits a bid equal to what he or she values the object.
C) Both submit a bid that is equal to what he or she values the object.
D) Neither submit a bid that is equal to what he or she values the object.
E) None of the above are correct.