Question: Jane, Tom, and Jill are participating in a Second - price auction. Jane has a reservation value of 3 , Tom has a reservation value

Jane, Tom, and Jill are participating in a Second-price auction. Jane has a reservation value of 3, Tom has a reservation value of 4, and Jill has a reservation value of 8. If bidders use dominant strategies, which of the following will be the winning bid and the price paid by the auction winner.
The winning bid will be 4 and the price paid will be 8.
The winning bid will be 8 and the price paid will be 4
The winning bid will be 8 and the price paid will be 3.
The winning bid will be 8 and the price paid will be 8
The winning bid will be 4 and the price paid will be 4.
Jane, Tom, and Jill are participating in a Second

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