While Negotiating a Contract Between an American Firm and a Japanese

question 71

Multiple Choice

While negotiating a contract between an American firm and a Japanese supplier, the Japanese manager responds by saying "yes." The Japanese manager probably meant ________.

• A) yes, I agree
• B) no, that's wrong
• C) yes, I understand
• D) I will think about it

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Definitions:

English Auction

A type of auction where bidders openly bid against one another, and the item is sold to the highest bidder.

Examine

To inspect or scrutinize carefully.

Vickrey Auction

A type of sealed-bid auction where the highest bidder wins but pays the price bid by the second-highest bidder.

Common Values

Refers to a situation in auctions or market settings where a particular item has the same value to all bidders or participants.