Quiz 11

Which of the following is not a characteristic of a reverse auction?

seller bias

All of the following are solutions to the problem of high monitoring costs except:

seller rating systems.

Which of the following involves a concern that one will never know how much the ultimate winner might have paid, or the true value to the final winner?

seller's lament

In 2011, the total worth of goods sold on eBay was approximately ________.

$68 billion

All of the following types of auctions involve single units except:

Dutch-Internet.

All of the following are benefits of auctions except:

decreased price transparency.

All of the following types of auctions have a seller bias except:

double auction.

The stock market is an example of a(n):

double auction.

In ________ pricing, customers change their offers to buy based on both their perceptions of the seller's desire to sell and their own need for the product.

dynamic

The fact that participating in an Internet auction means that you will need to purchase a computer, learn to use it, and pay for Internet access, is an example of ________ costs.

equipment

Threatening negative feedback in return for a benefit is an example of:

feedback extortion.

Facebook is an example of a(n):

general community/social network.

Which of the following was a primary feature of early online communities?

message boards

Priceline.com is an example of a(n):

name your own price auction.

All of the following are situations in which markets fail to produce socially desirable outcomes except:

network effects.

Which of the following types of dynamic pricing adjusts prices based on the merchant's estimate of how much the customer truly values the product?

personalization

When sellers agree informally or formally to set floor prices below which they will not sell on auction items, this is known as:

price matching.

Which of the following is not a risk or cost of Internet auctions?

price transparency

Elance.com is an example of a(n):

professional service auction.

Which social network functionality allows users to create Web pages that describe themselves?

profiles

Which of the following allows the consumer to enter a maximum price and the auction software automatically bids up the goods to that maximum price in small increments?

proxy bidding

Portals compete with one another on:

reach and unique visitors.

The profit a seller makes at auction is a function of all of the following except:

bid increments.

Which of the following is a common problem in sealed bid markets?

bid rigging

Which of the following is an example of a specialized auction site?

BidZ

One of the first online virtual communities was:

The Well.

All of the following statements are true except:

The market leader in C2C auctions is Craigslist.

________ pricing adjusts prices based on the location of the consumer.

Trigger

Which of the following is a community of members who self-identify with a demographic or geographic category?

affinity community

Which of the following is not one of the three defining characteristics of a portal?

auctions