Reverse Auctions

question 64

Multiple Choice

Reverse auctions

• A)require customers to fly at unpopular times.
• B)allow firms to identify customers that have very elastic demand curves.
• C)Both A and B.
• D)are used to keep high paying customers from spending too little money.

---

Definitions:

Countermand Payment

The act of canceling a payment or stopping the processing of a payment order by the payer.

Certified Cheque

A cheque guaranteed by a bank, indicating that the signer has enough funds in their account to cover the amount of the cheque.

Bills Of Exchange Act

A law that governs the creation, transfer, and effects of a bill of exchange, which is a written order used in international trade requiring one party to pay a fixed sum of money to another party on demand or at a predetermined date.

Drawer

In the context of checks and negotiable instruments, the entity that writes and signs a check, instructing the bank to pay the stated amount to the party named on the document.