Examlex
Define perceptual distortion by generalization.
Oral Auction
A public sale in which goods or property are sold to the highest bidder through spoken bids.
Vickrey Auction
A sealed-bid auction in which the item is awarded to the highest bidder, but the winner pays only the second-highest bid.
Increasing Bids
A situation in an auction where participants continuously raise their bid amounts to outcompete others.
Oral Auction
A public sale where goods or property are sold to the highest bidder through spoken bids, typically led by an auctioneer.
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