​An English Auction Is

question 69

Multiple Choice

​An English auction is

• A)​A sealed auction
• B)An oral auction
• C)An auction where bidders submit decreasing bids
• D)​All of the above

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Definitions:

Marginal Cost

The supplementary expenditure required to produce an extra unit of a product or service.

Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.

Decreasing Returns

A condition in economics where adding more input (like labor or capital) leads to progressively smaller increases in output.

Long-Run

A term referring to a period of time in economics during which all factors of production and costs are variable.