What is a second-price auction?
A) an auction in which the bidder who submitted the highest bid is awarded the object being sold and pays a price equal to the second highest amount bid
B) an auction in which the bidder who submitted the second highest bid is awarded the object being sold
C) an auction in which the bidder who submitted the highest bid is awarded the object being sold and pays a price equal to the average of the highest and second highest amount bid
D) an auction in which the bidder who submitted the second highest bid is awarded the object being sold and pays a price equal to the average of the highest and second highest amount bid
Correct Answer:
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