Scenario: An ancient painting is being auctioned off in an English auction. The following table shows the maximum willingness to pay of each bidder.

-Refer to the scenario above.If the starting bid is $250,________ will win the auction and will have to pay ________ for the painting.
A) Bob; $250
B) James; $400
C) Rachel; $450
D) Joe; $400

Question

Scenario: An ancient painting is being auctioned off in an English auction. The following table shows the maximum willingness to pay of each bidder.
 
-Refer to the scenario above.If the starting bid is $250,________ will win the auction and will have to pay ________ for the painting.
A) Bob; $250 
B) James; $400 
C) Rachel; $450 
D) Joe; $400

Quizplus · Accepted Answer

Rachel has the highest maximum willingness to pay at $450, which means she is willing to pay the highest price for the painting. Assuming there are no other external factors influencing the bidding process, Rachel would win the auction and pay a price somewhere between $250 (starting bid) and $450 (her maximum willingness to pay).

Scenario: an Ancient Painting Is Being Auctioned Off in an English