A Maximum Amount That People Have in Mind While Bidding

question 112

Multiple Choice

A maximum amount that people have in mind while bidding in an auction is called

• A)a resistance price.
• B)equilibrium.
• C)consumer surplus.
• D)willingness to pay.

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Definitions:

Ultimatum Game

A game in economic experiments where one player proposes how to divide a sum of money with another player who then can accept or reject the offer.

Human Behavior

The study and understanding of how individuals and groups act and make decisions in a variety of contexts.

High Blood Pressure

A medical condition in which the force of the blood against artery walls is too high, often leading to serious health issues if not managed properly.

Systematic Mistake

An error that occurs consistently due to a flaw in the system, methodology, or process, rather than random or individual mistakes.