A win-win situation for the buyer and supplier,in which the buyer chooses the supplier with the lowest bid and the supplier is awarded the contract for a price higher than their quotation,is the ______.

Question

Quizplus · Accepted Answer

In a second-price auction, the highest bidder wins but pays the price offered by the second-highest bidder. This creates a win-win situation where the buyer pays less than their maximum willingness to pay, and the supplier sells at a price higher than the next best offer.

A Win-Win Situation for the Buyer and Supplier,in Which the Buyer