In each round of the market experiment you will be either a buyer or a seller. As a buyer, you will make a "bid," where you offer a price at which you agree to buy the product. As a buyer, before each round begins, you will be told the highest amount you are willing to pay (your willingness to pay (WTP)) for a single unit. You won't be able to offer an amount higher than your WTP. For example, if your WTP is $10.00, you cannot bid $10.01. Your goal is to buy the good for the lowest price possible, in order to make your gains (the difference between an accepted bid and your WTP) as large as possible. In your second round as a buyer, your WTP will change.
As a buyer, you make-----where you offer a price at which you agree to ----- the product
(a) a call, sell
(b) a bid, buy
(c) a purchase, bill
(d) None of the above
