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m Small prizes refer to the $5-$200 prizes often used in pricing game play |
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During the show open, the announcer calls down the first four contestants, who line up in "Contestants' Row", where they will bid on the price of a prize, like a [[television]], [[bicycle]], or [[sofa]].
After the prize is described, the four contestants bid on the prize. Whoever bids closest to the prize's actual retail price without going over wins the prize and comes on stage to play a pricing game. If all four contestants overbid, the buzzer sounds, the bids are erased and the contestants are instructed to re-bid lower than the lowest previous bid.
From approximately 1977 through late 1998, if a contestant bid exactly right, the bell will ring, and he/she won a cash bonus of $100, awarded to him onstage by the host. The 1985 syndicated version upped the perfect bid bonus to $500, the regular series matched that number in 1998, and on the Million Dollar Spectaculars the bonus is $1,000.
Two well-known bidding strategies include bidding $1 over the highest bid so far (e.g., $501 if the highest bid is $500) or bidding only $1 if all the bids seem too high. These strategies typically work best for the fourth and final bidder.
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