Appendix: Sealed bids can be used in multiple rounds. How is this done?
a. The winner of the first round automatically wins all future rounds.
b. The winner's price in the first round is the reservation price in the next round. If higher prices come in the next round, the highest price is the new reservation price for round three, and so forth.
c. The second best price in the first round is the winner.
d. Bidding continues in more and more rounds until someone yells "uncle.".
b
You might also like to view...
When Snap sells newly issued shares of stock this is an example of
A) direct finance in a primary market. B) direct finance in a secondary market. C) indirect finance in a primary market. D) indirect finance in a secondary market.
Over a period of time, a nation's GDP increases by 3 percent at constant prices and by 5 percent at current prices. Other things being equal, the price level changed by about:
a. 2 percent b. 3 percent c. 8 percent d. 5 percent