In an English (or oral) auction, the winning bid for an item is equal to

0 votes
    the reservation price of the person who most highly values the item.
     the average reservation price of all bidders.
     the reservation price of the second highest bidder.
     the sellers reservation price..
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

0 votes
the reservation price of the second highest bidder.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)



...