Business, 16.04.2020 19:40 jzz88

At an auction, sellers show their goods before an audience of buyers. The goods for sale may be similar to each other, as in an auction of used cars, or they may be one-of-a-kind, as in an art auction. Buyers usually have an opportunity to inspect items prior to the auction. During the auction, buyers bid against one another to see who is willing to pay the highest price. In what ways is an auction similar to a perfectly competitive market? In what ways is it different?

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At an auction, sellers show their goods before an audience of buyers. The goods for sale may be simi...