Why firms are submitting bid to offer their firms services

Reference no: EM13231779

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 of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second lowest bidder. Show that bidding c is a weakly dominant strategy.

Reference no: EM13231779

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