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An Antique Cabinet Is Being Sold by Means of an English

Question 1

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An antique cabinet is being sold by means of an English auction.There are four bidders, Penelope, Marilyn, Irene, and Betsy.These bidders are unacquainted with each other and do not collude.Penelope values the cabinet at $1,600, Marilyn values it at $1,350, Irene values it at $2,100, and Betsy values it at $1,100.If the bidders bid in their rational self-interest, the cabinet will be sold to


A) Irene for about $2,100.
B) either Irene or Penelope for slightly more than $1,600.Which of them actually gets it is randomly determined.
C) Penelope for about $1,600.
D) Irene for slightly more than $1,600.
E) None of the above.

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