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Mr. and Mrs. Thomas have sat in the middle of the same pew at their church for 20 years. One day they are later than usual entering the church when they spy a new couple seated in their spot. They stand at the end of the pew until the new couple scoots down to the end of the pew. Mr. and Mrs. Thomas are exhibiting
Winning Bid
The highest offer made in an auction that wins the item or contract being auctioned.
Bidders Values
The individual valuation that bidders assign to the item or items being auctioned, which influences their bidding strategy.
High-Value
Refers to items or services that are of significant worth, often due to their quality, scarcity, or demand.
Low-Value
Describes items or services perceived as offering limited benefit or worth compared to their cost or other alternatives.
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