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A researcher investigating the consumption of sugar takes a random sample from the population and computes the mean sugar consumption. He repeats the procedure a number of times using the exact same procedure, and finds the means obtained vary from sample to sample. This is an example of
Winning Bid
The highest offer made in an auction that is accepted by the seller, resulting in a sale.
Oral Auction
A public sale where goods or services are sold to the highest bidder through verbal bids.
Second-Price Auction
See Vickrey auction.
Vickrey Auction
A sealed-bid auction where the winner pays the second-highest bid instead of their own, encouraging true value bidding.
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