All of the Following Statements Are True Except

question 71

Multiple Choice

All of the following statements are true except:

• A)in auctions, prices may be variable or fixed.
• B)auctions constituted a significant part of B2B e-commerce in 2013.
• C)over a third of procurement officers use auctions to procure goods.
• D)online retail sites are adding auctions to their sites.

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Definitions:

Unconscious Reference

An implicit or automatic reference to knowledge or information not consciously recognized by an individual.

Laissez-Faire

An economic philosophy advocating for minimal government intervention in the marketplace, allowing the free market to govern itself through supply and demand.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals pursuing their own interests unintentionally benefit society.

Adam Smith

An 18th-century Scottish economist and philosopher best known for his theories on free market economies and the concept of the 'invisible hand' guiding supply and demand.