Scenario: Four friends-Tom, Bill, Jeff, and Roger-are participating in an English auction. Tom values the good being auctioned at $500, Bill values it at $210, Jeff values it at $350, and Roger values it at $625.
-Refer to the scenario above.If they are the only bidders in the auction,Jeff will win the auction if ________.
A) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value for the good
B) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good
C) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively
D) each of them bids up to his value for the good

Question

Quizplus · Accepted Answer

In scenario C, Jeff, with a value of $350, will win because Tom and Roger stop bidding at lower amounts, and Bill's maximum bid is below Jeff's value.

Scenario: Four Friends-Tom, Bill, Jeff, and Roger-Are Participating in an English