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Suppose you are bidding on a used car and someone else bids above the highest amount...

Suppose you are bidding on a used car and someone else bids above the highest amount that you are willing to pay. What can you say for sure about that person’s monetary value of the good compared to yours?

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Answer #1

If the other person bids more than the highest amount that I am willing to pay then the other person's valuation of the car is greater than mine so he is willing to pay more in monetary terms, therefore, he values it more.

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