In an auction where the bidders values are $740,$700,$660,$650,$400,$325 and $300,the highest three bidders decide to form a bid-rigging cartel.What would the winning bid have been without the cartel?
A)$741
B)$701
C)$661
D)$631

Question

In an auction where the bidders values are $740,$700,$660,$650,$400,$325 and $300,the highest three bidders decide to form a bid-rigging cartel.What would the winning bid have been without the cartel?​
A)​$741
B)$701
C)$661
D)​$631

Quizplus · Accepted Answer

Without the cartel, the highest bid would come from the highest bidder, who values the item at $740. The winning bid would need to be just above the second highest bidder's value of $700, hence $701.

In an Auction Where the Bidders Values Are $740,$700,$660,$650,$400,$325 and $300,the