_____ are an institution where the protocols may determine a _____ and the expected revenue of the seller.
A)Contracts; buyer's pricing strategy
B)Auctions; participant's best bidding strategy
C)Auctions; participant's chances of winning the bid
D)Contracts; buyer's share of gains from the transaction

Question

Quizplus · Accepted Answer

In an auction, the protocols determine the participant's best bidding strategy, as they compete with each other to make the highest bid and win the item being auctioned. The expected revenue of the seller is also determined by the auction, as it depends on the bidding behavior of the participants. Contracts may also determine the buyer's pricing strategy or share of gains, but not as directly as in an auction.

_____ Are an Institution Where the Protocols May Determine a _____

_ Are an Institution Where the Protocols May Determine a _