You are playing a game in which a dollar bill is auctioned. the highest bidder receives the dollar in return for the amount bid. however, the second-highest bidder must pay the amount that he or she bids, and gets nothing in return. the optimal strategy is a. to bid nothing. b. to bid more than a dollar. c. to bid the smallest allowable increment below $1. d. to bid $0.99.

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.