Which of the Following Is True of a Reverse Auction

question 43

Multiple Choice

Which of the following is true of a reverse auction?

• A)Would-be buyers are invited to bid in competition with each other.
• B)As the auction progresses, more would-be sellers become involved.
• C)It benefits the sellers significantly more than the buyers.
• D)The bidding is sequential-it occurs in order, one at a time.

---

Definitions:

Mental Set

A predisposition to approach a problem in a particular way, influenced by past experiences and learning.

Belief Perseverance

The tendency to hold onto one's beliefs even after they have been proven wrong.

Overconfidence

The phenomenon where an individual's confidence in their judgments and abilities is greater than the accuracy of those judgments.

Framing

The way an issue is posed; how an issue is framed can significantly affect decisions and judgments.