Dawn and Tina are engaged in a second price auction for 107. $x$. Dawn bids $\$ 10$ and Tina bids $\$ 13$. Who wins the auction and how much do the pay for $x$ ?

Name: Dawn and Tina are engaged in a second price auction for 107. $x$. Dawn bids $\$ 10$ and Tina bids $\$ 13$. Who wins the auction and how much do the pay for $x$ ?
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Question

Quizplus · Accepted Answer

In a second price auction, the highest bidder wins but pays the second-highest bid. Therefore, Tina wins and pays $10, the amount of Dawn's bid.

Dawn and Tina Are Engaged in a Second Price Auction xxx

Dawn and Tina Are Engaged in a Second Price Auction $x$