A particular good was withdrawn from the market after bids were opened. This implies that:
A) the highest bid in the auction did not exceed the seller's minimum reserve price.
B) the lowest bid in the auction did not exceed the seller's maximum price.
C) the government chose to intervene.
D) the personal value of the seller was met.
E) the seller intended to negotiate a sale to a favored buyer.

Question

Quizplus · Accepted Answer

If a good is withdrawn from the market after bids were opened, it means that none of the bids exceeded the seller's minimum reserve price. Therefore, the highest bid may have been lower than the reserve price, or there may not have been any bids at all.

A Particular Good Was Withdrawn from the Market After Bids