Auctions Are Used in Place of Markets When the Items

question 12

Multiple Choice

Auctions are used in place of markets when the items traded are unique (e.g. ,a Ming vase or a right to drill for oil) .Which of the following examples are typically sold using Vickrey auction methods?

• A)For-sale-by-owner houses
• B)Household furnishings
• C)Items sold in Filene's Basement,with the price discounted after a certain date
• D)Vintage postage stamps

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