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A seller is selling a vehicle at auction. The seller sets a reserve price of $10,000. The auctioneer opens the bidding at $5,000, and bidders
A seller is selling a vehicle at auction. The seller sets a reserve price of $10,000. The auctioneer opens the bidding at $5,000, and bidders work their way up to $9,900. Fred is the bidder at $9,900. There is no statement or prior notice to the audience whether the auction was with or without reserve. In this situation, the auctioneer must sell the vehicle to Fred
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