Question: in a private value action, there are five bidders with valuations 3, 5, 20, 15, and 10. Bidders are risk neutral. If a first price

in a private value action, there are five bidders with valuations 3, 5, 20, 15, and 10. Bidders are risk neutral. If a first price sealed bid auction is used, the expected revenue for the seller is

a) 3

b) 5

c)10

d) 15

e)20

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