Which of the following is a similarity between a first-price auction and a Dutch auction?
A) Bids are placed privately.
B) Bids are placed publicly.
C) Bidders place their bids simultaneously.
D) The winner pays an amount equal to his bid.

Question

Quizplus · Accepted Answer

Both a first-price auction and a Dutch auction result in the winner paying an amount equal to their bid. In a first-price auction, the highest bidder wins and pays their bid amount. In a Dutch auction, the price starts high and gradually decreases until a bidder is willing to pay the current price, at which point they win and pay that price.

Which of the Following Is a Similarity Between a First-Price