Examlex
What are efficiency wages? Why do firms pay them?
Expected Revenue
The anticipated amount of money a business expects to receive over a certain period, usually as a result of sales or services.
Foreclosed
A legal process in which a lender takes control of a property after the borrower fails to meet the repayment terms of the loan.
Second-Bidder
Refers to the auction bidder with the second-highest bid, often relevant in Vickrey auctions where this bidder's price determines the sale price.
Vickrey Auction
A sealed-bid auction where the highest bidder wins but pays the second-highest bid, encouraging true value bids.
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