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A common term for an English auction, a sort of sequential auction during which an auctioneer directs participants to beat the present, standing bid. New bids should increase the present bid by a predefined increment. The auction ends when no participant is willing to outbid the present standing bid. Then, the participant who placed the present bid is that the winner and pays the number bid. Often, the term "straight auction" refers specifically to an English auction during which there's no reserve worth, guaranteeing that the item are sold.
what will be the best strategy for a bidder in an auction comprised of four bidders?
A bid that indicates totally different costs for various quantitites of the item offered for sale. A series of price-quantity mixtures is tendered to the auctioneer.
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