Examlex
Problem job performance includes performance that does not measure up to established standards of output.
Winning Bid
The highest offer made in an auction that is accepted by the seller, resulting in a sale.
Oral Auction
A public sale where goods or services are sold to the highest bidder through verbal bids.
Second-Price Auction
See Vickrey auction.
Vickrey Auction
A sealed-bid auction where the winner pays the second-highest bid instead of their own, encouraging true value bidding.
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