Question

At an auction of antiques, a bidder for a particular porcelain statue would be trying to ________(a) Maximize the difference between output and input.(b) Minimize input.(c) Maximize the difference between output and input.(d) Minimize input.

Answer 1

Answer: MINIMIZE INPUT

Explanation: AUCTION this is a process of selling a product,an Art work other tradeable assets like stocks, bonds based on the person with the highest BIDDING( Higher amount). In most cases the person buying will try to control his bidding to the MINIMUM AMOUNT in order for him to avoid spending higher than expected. Auction sale is sometimes used when trying to sell off old products which has been held for a long time, sometimes Auctions are used to raise funds for a particular Reason like the sale of ARTIFACTS.