a) There is a first mover advantage (it is better to be called first) b) There is a second mover advantage (it is better to be called second) c) There is no advantage to being called either first or second. d) None of the above

a) There is a first mover advantage (it is better to be called first) b) There is a second mover advantage (it is better to be called second) c) There is no advantage to being called either first or second. d) None of the above

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter9: Obtaining Affordable Housing

Section: Chapter Questions

Problem 2FPC

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Question

Q1. There are 2 buyers looking to purchase a house. The real estate agent calls the first buyer and asks what price they are willing to pay for the house (their “bid”). The agent then calls the second buyer, tells them what the first buyer’s bid is and then asks for the second buyer’s bid price. The agent then chooses the highest bid price as the successful buyer. In this game of 2 buyers:

a) There is a first mover advantage (it is better to be called first)

b) There is a second mover advantage (it is better to be called second)

c) There is no advantage to being called either first or second.

d) None of the above

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