Scenario: Consider the Following Situation

question 4

Multiple Choice

Scenario: Consider the following situation. Molly is one among the sixty-one bidders who take part in a first-price auction for vintage furniture. Molly places a value of $850, the highest value, for a vintage dressing table that comes up for auction. Joseph has the second-highest willingness to pay of $750.
-Refer to the scenario above.If the number of bidders goes up to 65,Molly's optimal bid for the product would be ________,and her consumer surplus would be ________.

• A) $836.92; $13.08
• B) $831.11; $18.89
• C) $765.50; $25
• D) $750; $28.50

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Definitions:

First-line Supervisor

A managerial position responsible for directly overseeing and managing the work of entry-level or frontline employees.

Self-managing Responsibilities

Tasks or duties that an individual is accountable for completing on their own, often requiring self-discipline and time management skills.

Productivity Improvements

Involves strategies and actions taken to increase the efficiency and effectiveness of processes, leading to higher outputs with the same or reduced input levels.

Technological Change

The process by which new technologies and innovations are developed, leading to changes in productivity, efficiency, and societal norms.