If the bidders at a first-price auction have true values of $8, $7, $6, and $5, the item will sell for a. just under $7 b. $8 c. $7 d. just over $7
If the bidders at a second-price auction have true values of $78, $72, $66, and $65, the item will sell for a. $78 b. $72 c. just under $78 d. just over $72