A(n)________ Online Auction Occurs When Sellers Use It as a Selling

question 22

Short Answer

A(n)________ online auction occurs when sellers use it as a selling channel to many buyers and the highest bid wins.

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Definitions:

Utility Function

A mathematical representation of how a collection of goods and services maps onto a level of utility or satisfaction for an individual or household.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another good while keeping their level of satisfaction unchanged.

Good X

A generic term for an economic good or commodity that can be used to satisfy wants or needs.

Good Y

A hypothetical or generic item used in economic examples or models to represent a type of product or service in the market.