Auctions are successful because
A) marketers don't need to set prices.
B) customers prefer to compete with one another.
C) customers have different perceived value for products.
D) marketers can avoid costly couponing and price promotions.

Question

Quizplus · Accepted Answer

Customers have different perceived values for products, which is a fundamental reason auctions are successful. This allows buyers to bid based on their own valuation, potentially leading to higher prices than a single set price might achieve.

Auctions Are Successful Because