Firms are submitting bid to offer their firm services

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Reference no: EM131159619

Suppose n firms are submitting a bid to offer their firm’s services. Your cost of providing the service is c. All of the firms will submit sealed bids. The procurement officer will look at all ofthe bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by thesecond lowest bidder. Show that bidding c is a weakly dominant strategy.

Reference no: EM131159619

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