In a first-price auction:
A)the lowest bidder receives its actual bid as a payment for the job.
B)the lowest bidder wins the bid and pays the amount bid by the first runner-up.
C)the bidder bids less than its cost and incurs a loss.
D)the lowest bidder wins the bid and has to pay the actual bid for the good.

Question

Quizplus · Accepted Answer

The Answer of In a first-price auction:
A)the lowest bidder receives its actual bid as a payment for the job.
B)the lowest bidder wins the bid and pays the amount bid by the first runner-up.
C)the bidder bids less than its cost and incurs a loss.
D)the lowest bidder wins the bid and has to pay the actual bid for the good.

In a First-Price Auction