What are the different types of auctions based on how people place their bids?
What will be an ideal response?
There are two different types of auctions based on how people place their bids. These are open outcry auctions and sealed-bid auctions. In open outcry auctions, bids are placed publicly and the bidders compete directly against each other. In a sealed-bid auction, all bids are private and unknown to the other bidders.
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Often single-owner proprietorships seem more profitable than they really are. The reason for this is that
A) they receive special tax benefits compared to corporations. B) they use different accounting procedures. C) they often fail to consider the opportunity cost of the labor provided by the owner. D) they are not allowed to deduct depreciation expense.
In the United States between 1790 and the Civil War, who issued paper currency?
a. The Federal Reserve System b. The U.S. Treasury Department c. The U.S. Congress d. The British government e. Private banks.
For each watch Switzerland produces, it gives up the opportunity to produce 50 pounds of cheese. Germany can produce one watch at a cost of 100 pounds of cheese. Which of the following is true?
a. The opportunity cost of producing watches is greater in Switzerland. b. The opportunity cost of producing cheese is greater in Switzerland. c. The opportunity cost of producing cheese is the same in both countries. d. It is impossible to compare costs because the two countries use different technologies. e. In the two countries combined, the cost of producing one watch is 150 pounds of cheese.
The ratio of the percentage change in the quantity demanded of product x to the percentage change in the price of product y is defined as:
a. the income elasticity of demand for x. b. the price elasticity of supply of y. c. the price elasticity of demand for y. d. the cross price elasticity of demand for x.