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Define the mainstream model, the public choice model, and the Marxian model, and show how their analysis differs in the case of labor markets.
Winning Price
The final bid amount that secures an item or service in an auction; the price at which the auction is won.
Low-value
Pertaining to items or services that are considered to have less worth or importance, often reflected in their low cost.
Second-Price Auction
An auction format in which the highest bidder wins but pays the second-highest bid price, encouraging bidders to bid their true value.
English Auction
A type of auction where the price starts low and is bid up by participants until no higher bids are made, and the highest bidder wins.
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