Concerning Auctions,what Is the Definition of a "Common-Values Setting

question 8

Multiple Choice

Concerning auctions,what is the definition of a "common-values setting"?

• A) bids are submitted using open outcries.
• B) bids are submitted simultaneously, and the highest is selected as the winner.
• C) bidders value the object the same, but are uncertain as to what that value is.
• D) bids are submitted by syndicates of cooperating bidders.

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Definitions:

Forged Check

A check that has been illegally signed or altered by someone other than the account owner.

Obligated

A condition or situation where one is legally or morally bound to perform a certain action or fulfill a duty.

Stop-Payment Order

a request made to a bank by an account holder not to pay a check that has been issued but not yet cashed.

Loss

A decrease in value, resources, or money typically as a result of a business transaction, investment, or unforeseen events.