Which of the Following Is Not True About Auctions

question 26

Multiple Choice

Which of the following is not true about auctions?

• A) The UCC provides that if an auction sale is advertised or announced in explicit terms to be with reserve, the auctioneer may not withdraw the article put up for sale unless no bid is made within a reasonable time.
• B) Unless an auction is advertised as being without reserve, the sale is with reserve.
• C) Whether an auction is with or without reserve, a bidder may retract his bid at any time prior to acceptance by the auctioneer.
• D) If the auctioneer knowingly receives a bid on behalf of the seller and notice has not been given that the seller reserves the right to bid at the sale, the bidder to whom the goods are sold can avoid the sale.

---

Definitions:

Variance

A measure of the dispersion or spread of a set of data points, calculated as the average squared deviation from the mean.

Degrees of Freedom

The number of independent pieces of information in a dataset that are available for estimating a parameter or calculating a statistic.

Student t Distribution

A probability distribution that is used in hypothesis testing for small sample sizes, when the population standard deviation is unknown.

Mean

The arithmetic average of a set of numbers, calculated by adding all the numbers together and dividing by the count of the numbers.