Which of these is likely to be your best, Econometrics

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Which of these is likely to be your best

1. You are bidding in a second-price auction for a painting that you value at $800. You estimate that other bidders are most likely to value the painting at between $200 and $600. Which of these is likely to be your best bid?

a. $1,000

b. $800

c. $600

d. $400

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Econometrics: Which of these is likely to be your best

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Econometrics: Which of these is likely to be your best

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