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If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for a. ​$78 b. ​$72 c. ​just over $72 d. ​Just above $78

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Answer:

a. ​$78

Explanation:

In a first-price auction, all bidders simultaneously submit sealed bids, with that approach, no bidder knows the bid of any other participant and then the bidder with the highest bid purchases the item for the specified amount. If the highest value is $78, the item will sell for exactly $78.

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