Elin decides to try to sell her collection of celebrity memorabilia in an auction "with reserve." If Elin changes her mind, she can withdraw her collection

Question

Quizplus · Accepted Answer

With a reserve auction, the seller (Elin) sets a minimum price, called the reserve price, for each item. If the bidding does not meet or exceed the reserve price, Elin has the option to withdraw the collection before the auctioneer announces that the items are sold. Once the auctioneer announces that the items have been sold, the sale is final, and Elin cannot withdraw the collection. Therefore, option A is the best choice.

Elin Decides to Try to Sell Her Collection of Celebrity