An oral auction is conducted with bidders bidding out loud, and the highest bidder wins and pays their winning bid. It is not referred to as a Vickrey auction, which is a type of sealed-bid auction, and it is not conducted with sealed bids as in option B. Therefore, option C is the correct answer.

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An Oral Auction

Question 17

Multiple Choice

An oral auction

A) is also called a Vickrey auction
B) is conducted by bidders submitting a single sealed bid
C) is where the sole remaining bidder wins and pays his winning bid
D) all of the above

Correct Answer: