An Auction in Which Participants Cry Out Their Bids, and Each

question 6

Multiple Choice

An auction in which participants cry out their bids, and each participant can increase his bid until the auction ends with the highest bidder winning the object is known as:

• A)an English auction.
• B)first-price sealed-bid auction.
• C)second-price sealed-bid auction.
• D)Dutch ascending auction.

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Definitions:

Counter Offer

A proposal made in response to a previous offer, altering its terms.

Overhaul The Engine

The process of taking apart an engine, cleaning, repairing, or replacing its components, and reassembling it to improve performance or extend its life.

Good Faith

The honest intention to act without taking an unfair advantage over another party in a transaction.

Unenforceable

Not capable of being executed or enforced under the law or in practice.