Compare and contrast auctions and participative pricing
What will be an ideal response?
Answer: In an auction, the seller doesn't set a firm price but allows buyers to competitively bid on the products being sold. Auctions used to be confined to a few market sectors such as fine art, agricultural products, and government bonds, but that all changed when eBay turned selling and buying via auctions into a new national pastime.
In participative pricing, customers literally get to pay as much as they think a product is worth. With participative pricing, buyers sometimes pay more than the company would normally charge. Unlike auctions this pricing does not involve competitive bidding from buyers.
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a. true b. false
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