Which of the following statements is true regarding protocols in various types of auctions?
A)An English auction requires bidders to begin with the highest price.
B)A Dutch auction starts with the lowest price any bidder is willing to pay, which is displayed in a one-handed clock.
C)In a Dutch auction, the first buyer to bid gets the item at the price shown in the one-handed clock.
D)In a second-price auction, the second-highest bidder gets the item.

Question

Quizplus · Accepted Answer

In a Dutch auction, the auctioneer starts with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined minimum price is reached. The first participant to bid wins the item at the current price, which aligns with option C.

Which of the Following Statements Is True Regarding Protocols in Various