Which of the following is a difference between a first-price auction and a Dutch auction?
A) The highest bidder wins in a first-price auction, while the second-highest bidder wins in a Dutch auction.
B) The second-highest bidder wins in a first-price auction, while the highest bidder wins in a Dutch auction.
C) Bids are placed privately in a first-price auction, while bids are placed publicly in a Dutch auction.
D) Bids are placed one after another in a first-price auction, while bids are placed simultaneously in a Dutch auction.

Question

Quizplus · Accepted Answer

In a first-price auction, bids are usually placed privately and the highest bidder wins the auction and pays their bid amount. In a Dutch auction, the seller starts with a high asking price and progressively lowers it until a bidder accepts the price, and bids are typically placed publicly. Therefore, the correct option is C.

Which of the Following Is a Difference Between a First-Price