What Is a Second-Price Auction

question 250

Multiple Choice

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.

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