Examlex
The purpose of acceptance sampling is to decide whether a batch of items satisfies pre-determined standards.
Sealed-Bid
A bidding process where all bids are submitted confidentially and unopened until the designated time.
Lemons
A citrus fruit known for its sour taste, also used metaphorically to describe a defective or unsatisfactory product or vehicle.
Expected Value
A calculated average of all possible outcomes of a random variable, weighted by their probabilities.
English Auction
A type of auction in which the price starts low and is progressively bid upwards, with the highest bid at the end winning the item.
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