Question: The game ends when there is no new bid within a specified time limit. a. When the dollar was auctioned off, do you suppose that

The game ends when there is no new bid within a specified time limit.

a. When the dollar was auctioned off, do you suppose that the highest bid was less than or greater than a dollar?

Why?

b. Can a rational player ever lose the auction once he has started bidding?

c. Is it rational to begin bidding?

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