During a sale by auction, the price at which the goods finally sold is determined mostly by

  • A competition between buyers and sellers
  • B competition among buyers
  • C competition among sellers
  • D government policy
waec 2008economics

The correct answer is B. competition among buyers

An auction is a sale in which buyers compete for a good by placing bids, and the goods sold to the highest bidder. It is done among competing buyers

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