Examlex
What economics game theory concept is demonstrated by the Erie Canal public works project?
Efficiency
The degree to which resources are used effectively and waste is minimized, often aiming at maximizing output from given inputs.
Highest-value Bidder
The participant in an auction willing to pay the most for the item up for bid.
English Auction
A public sale method where bids are openly made and raised until no higher bid is offered, with the highest bidder purchasing the item.
Sealed Auction
An auction format in which all bids are submitted simultaneously in sealed envelopes, and the highest bid wins without bidders knowing the bid amounts of others.
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