When Prospective Buyers Observe the Bids of Others and Decide

question 190

Multiple Choice

When prospective buyers observe the bids of others and decide whether or not to increase the bid price, it is called a

• A) forward auction.
• B) reverse auction.
• C) Webfront auction.
• D) traditional auction.
• E) bidder's war.

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Definitions:

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A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

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