Traditional Auctions vs
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Questions and Answers

What is one of the main problems with traditional auctions?

  • They are typically decentralized
  • They are controlled by a single auction house or broker (correct)
  • They are inexpensive for sellers
  • They are easy to access for inexperienced buyers

    • Why can traditional auctions be expensive for sellers?

  • Sellers have to pay for the advertising of the auction
  • Sellers have to pay for the venue of the auction
  • Sellers have to pay for the items they are selling
  • Sellers have to pay significant commissions to the auction house or broker (correct)

    • What is a potential solution to the problems with traditional auctions?

  • Limiting auctions to specific geographic locations
  • Making the bidding process more complex
  • Increasing the number of auction houses
  • Decentralization (correct)

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