? Question 1 1 out of 1 points An oral auction Selected Answer: all of the above Answers: is also called an English auction is where bidders submit increasing bids until all but one remains is wh ...

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? Question 1
1 out of 1 points
An oral auction
Selected
Answer:
all of the above
Answers:
is also called an English auction
is where bidders submit increasing bids until all but one remains
is where the sole remaining bidder wins and pays his winning
bid

all of the above
? Question 2
1 out of 1 points
An oral auction
Selected
Answer:
is where bidders submit increasing bids until all but one remains
Answers:
is also called a Vickrey auction

is where bidders submit increasing bids until all but one remains
is where the highest bidder wins and pays the amount of the next highest
bid
all of the above
? Question 3
1 out of 1 points
An oral auction
Selected
Answer:
is where the sole remaining bidder wins and pays his winning
bid
Answers:
is also called a Vickrey auction
is conducted by bidders submitting a single sealed bid

is where the sole remaining bidder wins and pays his winning
bid
all of the above
? Question 4
1 out of 1 points
The optimal bidding strategy for an oral auction is
Selected
Answer:
To drop out when the bidding exceeds your true value

Answers:
To shade your bid below your true value and drop out well before it is reached
To shade your bid below your true value and drop out just when the shaded
amount is reached

To drop out when the bidding exceeds your true value
To size up your competition to determine how much to shade your bid
? Question 5
1 out of 1 points
If the bidders at an oral auction have true values of $8, $7, $6, and $5, the item will sell for
Selected
Answer:
just over $7
Answers:
$8
$7

just over $7
just under $7
? Question 6
1 out of 1 points
If the bidders at an oral auction have true values of $78, $72, $66, and $65, the item will sell for
Selected
Answer:
just over $72
Answers:
$78
just under $78
$72

just over $72
? Question 7
1 out of 1 points
The more bidders there are at an oral auction,
Selected
Answer:
the higher the expected selling price
Answers:

the higher the expected selling price
the higher each bidder bids
the longer that each bidder will continue to bid
the less each bidder will shade his bid
? Question 8
1 out of 1 points

More bidders would tend to increase the selling price at an oral auction if
Selected
Answer:
the true values of the losers is higher
Answers:
bidders bid less aggressively
the true value of the winner is higher

the true values of the losers is higher
Both A&C
? Question 9
1 out of 1 points
An English auction is
Selected
Answer:
An oral auction
Answers:
A sealed auction

An oral auction
An auction where bidders submit decreasing bids
All of the above
? Question 10
1 out of 1 points
Katy is holding an English auction. If she estimates the values of her bidders to be $2, $4, $10,
$15 and $25, she should expect to be able to make ____ off the auction
Selected
Answer:
Just above $15
Answers:
Just above $10
Just below $10

Just above $15
Just below $15
? Question 11
1 out of 1 points
In oral auctions,