What is an ascending-value auction?
In an ascending value auction, a bidder hopes to win a certain object by bidding a price below his/her valuation (maximum willingness to pay for it) but higher than anyone else's bid.
Economics
You might also like to view...
Refer to Figure 4-3. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
Economics
Along a downward-sloping, linear demand curve, total revenue is the greatest
A) where demand is unit elastic. B) where demand is normal. C) where demand is the most elastic. D) where demand is the most inelastic.
Economics