An antique cabinet is being sold by means of an English auction.There are four bidders, Arabella, Gloria, Desiree, and Cindy.These bidders are unacquainted with each other and do not collude.Arabella values the cabinet at $1,000, Gloria values it at $800, Desiree values it at $1,300, and Cindy values it at $700.If the bidders bid in their rational self-interest, the cabinet will be sold to

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In an English auction, the item is sold to the highest bidder for their bid amount. Desiree values the cabinet the most at $1,300. However, she only needs to outbid the second-highest bidder, Arabella, who values it at $1,000, to win. Therefore, Desiree will win the auction by bidding slightly more than $1,000, not needing to bid as high as her maximum valuation of $1,300.

An Antique Cabinet Is Being Sold by Means of an English