Scenario: John, Jacob, Alex, and Maria participate in a first-price auction for an iPod. John values the iPod at $400, Jacob values it at $300, Alex values it at $250, and Maria values it at $200.
-Refer to the scenario above.Maria should submit a bid of ________.
A) $300
B) $150
C) $200
D) $250

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The Answer of Scenario: John, Jacob, Alex, and Maria participate in a first-price auction for an iPod. John values the iPod at $400, Jacob values it at $300, Alex values it at $250, and Maria values it at $200.
-Refer to the scenario above.Maria should submit a bid of ________.
A) $300
B) $150
C) $200
D) $250

Scenario: John, Jacob, Alex, and Maria Participate in a First-Price