« previous next »

Author Question: What is the reason behind the popularity of auctions among consumers? What will be an ideal ... (Read 15 times)

serike

  • Hero Member
  • *****
  • Posts: 542
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

  • Sr. Member
  • ****
  • Posts: 325
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Crying Frequency in the Early Months In their first months of life, infants often cry for no appare Crying Frequency in the Early Months In their first months of life, infants often cry for no appare
Successful male musical groups may owe some of their popularity among preteen girls to adrenarche. Successful male musical groups may owe some of their popularity among preteen girls to adrenarche.
The Nutrient Fact Panel on the food label can help consumers make smart nutrition choices The Nutrient Fact Panel on the food label can help consumers make smart nutrition choices
Farmers’ markets provide fresh, local produce to consumers Farmers’ markets provide fresh, local produce to consumers
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ... Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
There are four hospitals (consumers in this example) willing to pay the following amounts for a ... There are four hospitals (consumers in this example) willing to pay the following amounts for a ...
Video: Hormones and the menstrual cycle Animation

For a complete list of videos, visit our video library