Compared to competitive markets,auction selling prices are often ________ when there are multiple bidders.

Question

Quizplus · Accepted Answer

Auction selling prices tend to be higher when there are multiple bidders because of the competition among bidders. As each bidder tries to outbid the others, the price goes up. Therefore, auction selling prices are often higher than in competitive markets where there is no bidding process.

Compared to Competitive Markets,auction Selling Prices Are Often ________ When