Question
At an auction, goods are offered up for sale and sold to the buyer offering the highest bid. The auctioneer calls out the item and
At an auction, goods are offered up for sale and sold to the buyer offering the highest bid. The auctioneer calls out the item and the latest bid. The bidders must decide whether or not they want to bid on a particular object. The amount buyers bid for an object depends on how much value they perceive is associated with the object. Often goods offered up for auction have no intrinsic worth but may hold special meaning or value for the buyer.Respond in full to the questions below.1 What attributes or benefits do you suppose people are looking for when they buy goods at an auction? 2 If you were a researcher who was seeking to understand the motivations for buying goods at an auction, which research method would you use, and why?
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