Which of the Following Is True About Auctions

question 48

Multiple Choice

Which of the following is true about auctions?

• A) Acceptance occurs when an offeror makes the highest bid.
• B) Bidders are treated as offerors, making offers the seller is free to accept or reject.
• C) An item cannot be withdrawn from sale prior to acceptance.
• D) The seller is required to accept the final offer when the auction is advertised as being "with reserve."

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Definitions:

Relevant Elements

Components or aspects that have significant importance or bearing on the matter at hand.

Attitude-Centered

Focusing on the importance of individuals' attitudes in shaping behaviors and outcomes.

Role-Centered

An approach or perspective focusing on the functions and responsibilities assigned to individuals within a structure or system.

Prior Experience

The knowledge or skills a person has gained before the current point or role, often influencing their capacity to learn new tasks or adapt to new situations.