Fill in the correct labels for the following figure using the word bank below.
-C _________
Definitions:
English Auction
A method of sale involving ascending bids, where participants bid openly against one another, and the item is sold to the highest bidder.
Willingness To Pay
The maximum amount an individual is prepared to spend on a good or service.
Expected Revenue
The projected amount of money a business anticipates receiving over a certain period, typically calculated by multiplying the expected sales volume by the price of goods or services.
Probability Distribution
A probability distribution describes how probabilities are distributed over the values of a random variable.
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