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An Antique Cabinet Is Being Sold by Means of an English

Question 8

Multiple Choice

An antique cabinet is being sold by means of an English auction.There are four bidders, Arabella, Desiree, Gloria, and Flora.These bidders are unacquainted with each other and do not collude.Arabella values the cabinet at $1,100, Desiree values it at $600, Gloria values it at $1,700, and Flora values it at $700.If the bidders bid in their rational self-interest, the cabinet will be sold to


A) Gloria for slightly more than $1,100.
B) either Gloria or Arabella for about $1,100.Which of these two buyers gets it is randomly determined.
C) Arabella for about $1,100.
D) Gloria for about $1,700.
E) either Gloria or Arabella for about $600.Which of these two buyers gets it is randomly determined.

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