Ask Question
BusinessBusiness
7 October, 14:50

9) What is the dominant strategy for bidders in an English oral auction?9) A) Bid until the previous bid price equals the reservation price of the last bidder. B) Keep bidding until all other bidders quit, regardless of your reservation price. C) Bid until the first-price and second-price bids are equal. D) Stop bidding once the price exceeds your reservation price.

+5
Answers (1)
  1. 7 October, 14:57
    0
    Answer: B) Keep bidding until all other bidders quit, regardless of your reservation price.

    Explanation: Familiar to English auctions, the bidders are aware of the prices of items on sale and the numbers of other bidders. This price is known as the reserve or reservation price which is the limit on the price of the item on sale set by the seller (that is the lowest price the seller is willing to sell the item). The bids start at a low price and keeps coming in until there are no more bids irregardless of the reservation price set. It probably depends on how much you value the item on sale and are willing to pay for it. Not necessarily on the reservation price.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “9) What is the dominant strategy for bidders in an English oral auction?9) A) Bid until the previous bid price equals the reservation price ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The unit of account function of money: all of the following are correct means that money makes price information more accessible requires that money be made of something valuable means that money can be used to save up purchasing power means that
Answers (1)
Assume that business solutions accounts receivable balance at june 30, 2018, is $20,250 and that one account of $100 has been written off against the allowance for doubtful accounts since march 31, 2018. if s.
Answers (1)
If a monopolistically competitive firm is earning profits in the short run: Multiple Choice the entry of competing firms will cause price to drop, but not affect the firm's demand curve.
Answers (1)
Adrianna works as a purchasing manager at a trading firm and earns a salary of $60,000. She has deductions of $3,000 and tax credits of $5,000, and she pays an annual tax of $6,000. What is her annual disposable income?
Answers (1)
A likely example of substitute goods for most people would be a. peanut butter and jelly. b. tennis balls and tennis rackets. c. televisions and subscriptions to cable television services. d. pencils and pens.
Answers (1)
New Questions in Business
Assume that total costs assigned to the setup activity cost pool in March are $120,000 and 100 setups were completed in March. Further, assume that during March machines were setup 20 times to make product X5.
Answers (1)
The accounting cycle starts with a. closing out the periodic accounts. b. recording the transaction based on the information in a source document. c. preparing the financial statements. d. preparing the adjusting entries.
Answers (1)
Ratemakers at ABC Insurance Company calculated the pure premium to be $280 for a risk they were considering insuring. What is the gross rate for this risk, assuming a 30 percent expense ratioA) $364 B) $400 C) $430 D) $520
Answers (1)
When plant assets are purchased as a group in a single transaction for a lump-sum price, the cost of the purchase is allocated among the different types of assets acquired based on their relative market values. true or false
Answers (1)
What are the security and management issues concerning virtual offices, especially hooked up into large virtual networks?
Answers (1)
Home » Business » 9) What is the dominant strategy for bidders in an English oral auction?9) A) Bid until the previous bid price equals the reservation price of the last bidder. B) Keep bidding until all other bidders quit, regardless of your reservation price.
Sign Up Forgot Password?