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Questions and Answers
What is one of the main problems with traditional auctions?
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?
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?
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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