Asked by Furqaan Sayed on Jun 13, 2024
Verified
Bid-rigging is less likely in
A) oral auctions
B) English auctions
C) first-price sealed-bid auctions
D) all are equally likely
Oral Auctions
A traditional auction in which bids are made by participants aloud in the presence of an auctioneer.
First-Price
Refers to an auction format in which the highest bid wins, and the winner pays the amount they bid.
Bid-Rigging
A form of fraud in which a commercial contract is promised to one party even though for the sake of appearance several other parties also present a bid.
- Understand the function of collusion activities, including bid-rigging, and their influence on the outcomes of auctions.
- Understand the concept and outcomes of sealed-bid versus open auctions.
Verified Answer
Learning Objectives
- Understand the function of collusion activities, including bid-rigging, and their influence on the outcomes of auctions.
- Understand the concept and outcomes of sealed-bid versus open auctions.
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