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I would not try to negotiate on the call. Say something like “wow, I really appreciate the offer! Let me take a few days to review and get back to you, when do you need a response by?” That way it gives you time to digest, do some research, and you can respond on your time to that to start the negotiation.
I would say that depends on how you think you’ll react. I, personally, need to be able to take some time to formulate a response, but if you think you can negotiate on the fly, I’d just prepare for all scenarios (low offer, mid offer, high offer).