Crime scene after Utrecht shooting

What is the primary purpose of an auction?

• To allow buyers to bid and compete for items

• To distribute free items to the public

• To negotiate prices between two parties

• To sell items at a fixed price

Which type of auction involves bidders submitting sealed bids?

• Reverse auction

• Dutch auction

• Sealed-bid auction

• English auction

In a Dutch auction, how is the winning bid determined?

• The lowest bid wins

• The first bid wins

• The bid closest to the reserve price wins

• The highest bid wins

What is a common strategy for bidders in an auction?

• Bidding the maximum amount they are willing to pay

• Bidding randomly

• Bidding the minimum amount possible

• Waiting until the last moment to bid

Why might a bidder choose to wait until the last moment to place a bid?

• To confuse other bidders

• To lower the final price

• To avoid early competition

• To increase the auction duration