Author Question: Kim is participating in an auction in which bids are placed publicly and the price of the good being ... (Read 33 times)

gbarreiro · **on:** Jun 29, 2018

Kim is participating in an auction in which bids are placed publicly and the price of the good being auctioned increases until there is only one standing bid. This is an example of a(n) ________.

A) open outcry English auction
B) open outcry Dutch auction
C) sealed-bid first-price auction
D) sealed-bid second-price auction

Question 2

Since most people would be willing to pay far more for a cup of diamonds than for a cup of water,

A) diamonds provide more satisfaction to most people than water provides.
B) most people are irrational when it comes to prestige or status goods.
C) most people wrongly think they value diamonds more highly than water.
D) people's choices and preferences are often inconsistent.
E) very few people are ever in danger of dying of thirst.