Which of the Following Types of Auctions Is Perfect for Sellers

question 40

Multiple Choice

Which of the following types of auctions is perfect for sellers that have many identical items to sell?

• A) English auctions
• B) Name Your Own Price auctions
• C) Dutch Internet auctions
• D) group buying auctions

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.

Demand Schedule

A demand schedule is a table that shows the quantity of a good or service that buyers wish to purchase at each possible price.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase.

Demand Elastic

Demand elasticity measures how sensitive the quantity demanded of a good or service is in response to a change in its price.