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How much gets bid?

I am new to AS as well as eBay. It is very unclear from the help on this site as to how much gets bed by AS. Does it place the Max Bid as the only bid, or does it simply place the minimum necessary bid to win the auction. For example, let's say the current price $200. I set my max bid for $250. Will AS bid a one time bid of $250 right before the close of the auction, or will it just increment it to $205, or whatever the next minimum bid is?

Thanks!
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