In two or three paragraphs, define the term reserve price and ...

[hbsimmons88]

In two or three paragraphs, define the term reserve price and explain how the use of a reserve price can affect the progress and outcome of an auction.

Question 2

In about 100 words, describe two or three specific apps that could use a smartphones GPS capability. Be sure to make clear the benefit of using the GPS in the app in each case.

[princessflame2016]

Answer to Question 1

A minimum bid is the price at which an auction begins. If no bidders are willing to pay that price, the item is removed from the auction and not sold. In some auctions, a minimum bid is not announced, but sellers can establish a minimum acceptable price, called a reserve price, or simply reserve. If the reserve price is not exceeded, the item is withdrawn from the auction and not sold.

Answer to Question 2

GPS-based apps can be used in precision farming to provide field mapping, soil sampling, and tractor guidance. GPS can also be used in apps that provide an audit trail for financial transactions.

[hbsimmons88]

Correct answers!

[princessflame2016]

Great! Please up vote