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Match Each Term with the Correct Definition Below

question 42

Multiple Choice

Match each term with the correct definition below:
-?A form of compression that uses an algorithm similar to rounding off decimal values to eliminate unnecessary bits of data.


Definitions:

Auctions

Auction systems in which products or services are offered to the person who presents the highest offer.

Winner's Curse

A phenomenon in auctions where the winning bidder overpays due to overestimation of the item's value.

Optimistic Estimate

An estimate that assumes the most favorable conditions and outcomes for a project or investment.

Bid Shading

A strategy in which buyers deliberately bid lower than their actual valuation of the item to save costs, common in auction contexts.

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