Question 1

How does proxy bidding work on eBay?

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Question 2

In an eBay auction, a(n) _____ automatically increases a bid to the next highest increment needed to exceed any bid, up to a bidder-specified maximum bid.

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Question 3

Dutch auctions are also called _____ auctions.

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Question 4

A(n) _____ auction is often better for the seller because the bidder with the highest private valuation will not let the bid drop much below that valuation for fear of losing the item to another bidder.

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Question 5

A(n) _____ is the price at which an auction begins.

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Question 6

On a ____________ site the seller posts an item with a tentative price and the site builds up the number of buyers sufficiently to encourage the seller to offer a quantity discount.

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Question 7

Modifying an Android operating system is called _____ the phone.

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Question 8

What is the difference between an English auction and a Dutch auction?

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Question 9

If multiple items are being auctioned in a(n) _____ sealed-bid auction, successive lower (next highest) bidders are awarded the remaining items at the prices they bid.

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Question 10

What is the main difference between eBay and a live English auction?

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Question 11

Describe the operation of a typical auction.

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Question 12

List the supply chain characteristics that support reverse auctions.

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Question 13

All eBay auctions have a(n) _____, the amount by which one bid must exceed the previous bid.

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Question 14

_____ are amounts that bidders are willing to pay for an item.

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Question 15

In English auctions, bidders risk becoming caught up in the excitement of competitive bidding and then bidding more than their private valuations.This phenomenon is called the _____.

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Question 16

Farmers' cooperatives in the Netherlands use the _____ auction to sell perishable goods such as produce and flowers.

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Question 17

The act of placing a winning bid at the last second is called a(n) _____.

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Question 18

_____ auctions, either sealed bid or open outcry, work well only for items of known quality, such as securities or graded agricultural products, that are regularly traded in large quantities.

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Question 19

In a(n) _____ auction, multiple sellers submit price bids to an auctioneer who represents a single buyer.

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Question 20

The site JustBeads.com is an example of a(n) _____ auction site that caters to buyers and sellers who are geographically dispersed but share highly focused interests.

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Quiz 6: Social Networking, Mobile Commerce, and Online Auctions