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Question
In a second-price, sealed-bid auction:a. buyers bid against each other with a succession of increasingly higher prices until only one remains.
b. a bid is announced, and if no buyer accepts the bid in a given period of time, a new, slightly lower, bid is announced; this procedure continues until a bidder accepts the announced price.
c. each bidder submits a price that is known only to that bidder; bids are opened and the highest (lowest) bid is accepted.
d. each bidder submits a price that is known only to that bidder; bids are opened and the highest (lowest) bidder wins, but the transaction occurs at the second highest (lowest) price.
e. none of the above.
Answer
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