Business, 21.02.2020 19:49 angel0203wilcox

In which of the following cases would a seller be least likely to use an auction to determine the price of an item? a. The item is unique and the seller is not certain what it is worth. b. Buyers’ valuations of the item are interdependent. c. The seller is aware of each buyer’s valuation of the item. d. The seller overpaid for the item initially and is trying to recover some of his losses.

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Answer from: samara49

The correct answer is the option C: The seller is aware of each buyer's valuation of the item.

Explanation:

To begin with, an auction is the process of buying and selling goods by offering them up for bid. There are many types of auctions but the main purpose of them all is to obtain the better price as possible for a good that is being shown and sold.

To continue, in all of the cases presented above the one in where the seller would be least likely to use an auction to determine the price of an item would be in the case where the seller is aware of each buyer's valuation of the item due to the fact that if he already knows that then it will not make sense to use an auction because those procedures are used in order to obtain the higher price as possible by putting the buyers against each other, but how in this case the seller already knows how much every buyer will pay then the most reasonable thing to do is just sell it to the highest bidder.

Answer from: Quest

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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