An asset is being sold using a Vickrey auction. Four bidders submit the bids of $48,000, $51,000, $52,000, and $49,000. The winning bidder will pay a price of: A. $51,000. B. $50,000. C. $52,000.
A Vickrey auction is also known as a second-price sealed bid auction. The highest bidder wins the item being auctioned, but pays the price bid by the second-highest bidder.
