Final answer:
To determine how much more the competition has to pay than the next highest bidder, we need to compare percentages. The possible answers are a) The same amount, b) 10% more, c) 20% more, d) 30% more.
Step-by-step explanation:
To determine how much more the competition has to pay than the next highest bidder, we need to understand the concepts of percentages and comparing numbers. Let's assume the next highest bidder's bid is represented by x.
- If the competition has to pay the same amount as the next highest bidder, their bid would also be x.
- If the competition has to pay 10% more than the next highest bidder, their bid would be (1 + 10%)x = 1.10x.
- If the competition has to pay 20% more than the next highest bidder, their bid would be (1 + 20%)x = 1.20x.
- If the competition has to pay 30% more than the next highest bidder, their bid would be (1 + 30%)x = 1.30x.
To summarize, the answer is:
- a) The same amount
- b) 10% more
- c) 20% more
- d) 30% more