During a sale by auction, the price at which the goods finally sold is determined...
ECONOMICS
WAEC 2008
During a sale by auction, the price at which the goods finally sold is determined mostly by
- A. competition between buyers and sellers
- B. competition among buyers
- C. competition among sellers
- D. government policy
Correct Answer: B. competition among buyers
Explanation
An auction is a sale in which buyers compete for a good by placing bids, and the goods sold to the highest bidder. It is done among competing buyers
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