Define the term reserve price

Reference no: EM1355449

1. In approximately 100 words, define the term "reserve price" and explain how the use of a reserve price can affect the progress and outcome of an auction.

2. In about 300 words, describe the services offered by an online auction escrow service.
Name one advantage and one disadvantage of using this type of an escrow service

Reference no: EM1355449

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