Many Online Auctions End When a Certain Amount of Time

question 34

Multiple Choice

Many online auctions end when a certain amount of time has gone by without a bid.This causes bidders to place several last-minute bids.This practice is known as ________.

• A) sniping
• B) trading
• C) bargaining
• D) signing off

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Definitions:

Expected Utility

The anticipated satisfaction or value a person expects to receive from a particular outcome, considering all possible outcomes and their probabilities.

Insurance Market

The marketplace where various types of insurance products and services are traded between insurers and those seeking insurance protection.

Probability

A gauge of the probability that an event will ensue, denoted as a figure falling between 0 and 1.

Expected Value

A calculation used in statistics and probability theory to determine the anticipated result of an event, considering all possible outcomes and their probabilities.