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)________ auction.
A) English
B) Dutch
C) first-price
D) second-price

Question

Quizplus · Accepted Answer

In an English auction, bids are placed publicly and the price of the good being auctioned increases until there is only one standing bid. This matches the scenario described in the question. A Dutch auction involves the price of the good being auctioned decreasing until one bidder accepts the current price, while first-price and second-price auctions involve the highest bidder winning but with different pricing mechanisms.

Kim Is Participating in an Auction in Which Bids Are