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Author Question: What is the reason behind the popularity of auctions among consumers? What will be an ideal ... (Read 16 times)

serike

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on: Jun 29, 2018
What is the reason behind the popularity of auctions among consumers?
 
  What will be an ideal response?

Question 2

A monopolistically competitive firm ________.
 
  A) can increase price without losing all of its business
  B) loses all of its business if it increases price slightly
  C) faces a perfectly elastic demand curve
  D) faces a perfectly inelastic demand curve


CAPTAINAMERICA

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Reply #1 on: Jun 29, 2018
Answer to Question 1

No one has quite been able to come up with any single reason as to why auctions have become so popular for consumers. Some possible explanations would include the chance of getting a really good deal, the fact that buyers are able to set the price, the sheer thrill of winning, and the competitive challenge involved. If auctions in general lead to higher-than-average prices, sellers are also interested.

Answer to Question 2

A


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