Asked by Alicja Gawlik on May 03, 2024
Verified
In an auction ________, the seller is treated as making an offer to accept the highest bid.
A) Without controls
B) With controls
C) Without reserve
D) With reserve
E) Without qualifications
Without Reserve
In auctions, this refers to items being sold with no minimum bidding threshold, indicating they will be sold to the highest bidder regardless of the price.
Auction
An auction is a sale where items are offered for purchase to the individual who presents the highest offer.
Seller
A person or entity that offers products or services for sale.
- Identify the differences between genuine offers and marketing advertisements.
Verified Answer
OA
Oluwafemi AyodeleMay 09, 2024
Final Answer :
C
Explanation :
In an auction without reserve, the seller is essentially making an offer to accept the highest bid, meaning there is no minimum bid threshold that must be met for the sale to proceed. This contrasts with a reserve auction, where a minimum price must be met for the sale to be valid.
Learning Objectives
- Identify the differences between genuine offers and marketing advertisements.