What is meant by sniping in an auction? Does it make sense to snipe to win an auction?
What will be an ideal response?
Auctions that are held on eBay end at a pre-specified time. This leads to sniping – a practice where a bidder places bids at the last possible minute, just before the auction ends. This allows the bidder to win the auction, as the auction ends before other bidders can react. There appears to be no statistically significant benefit to sniping. Research has shown that the final prices for two identical goods were approximately the same, with sniping and without.
You might also like to view...
What will happen if an economy transforms from being extractive to being inclusive?
A) The return-to-entrepreneurship schedule will shift leftward and the opportunity cost to entrepreneurship will increase. B) The return-to-entrepreneurship schedule will shift leftward and the opportunity cost to entrepreneurship will decrease. C) The return-to-entrepreneurship schedule will shift rightward and the opportunity cost to entrepreneurship will increase. D) The return-to-entrepreneurship schedule will shift rightward and the opportunity cost to entrepreneurship will decrease.
In the above figure, if the natural monopoly is not regulated it will produce
A) 12 million units at a price of $18 per unit. B) 8 million units at a price of $12 per unit. C) 8 million units at a price of $21 per unit. D) 8 million units at a price of $24 per unit.
In reality, it is ________ that managers flip a coin to make decisions; but actual randomness ________ desirable in certain situations.
A) common; can B) rare; cannot C) rare; can D) common; cannot
Refer to the information provided in Figure 17.2 below to answer the question(s) that follow. 
Figure 17.2 Refer to Figure 17.2. Suppose Sam's utility from income is given in the diagram. From this we would say that Sam is
A. a risk taker. B. risk-loving. C. risk-neutral. D. risk-averse.