Exam 6: Social Networking Mobile Commerce and Online Auctions

If multiple items are being auctioned in a(n) _____ sealed-bid auction, successive lower (next highest) bidders are awarded the remaining items at the prices they bid.

A(n) _____ is the price at which an auction begins.

Second-price sealed-bid auctions are commonly called _____ auctions.

The _____ auction is a form of open auction in which bidding starts at a high price and drops until a bidder accepts the price.

Existing auction sites, such as eBay, are inherently more valuable to customers than new auction sites. This basic economic fact is called a(n) _____.

The introduction of larger mobile phones and tablet devices has made the use of Wireless Application Protocol (WAP) mandatory.

In English auctions, bidders risk becoming caught up in the excitement of competitive bidding and then bidding more than their private valuations. This phenomenon is called the _____.

The site JustBeads.com is an example of a(n) _____ auction site that caters to buyers and sellers who are geographically dispersed but share highly focused interests.

Sites that monetize visitors by charging them are unconcerned about visitor backlash.

Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

Wary bidders in low-price auctions can check the_____ to protect themselves from being cheated.

The process of finding a lender who can provide funds for a business idea through social networking sites is referred to as _____.

A(n) _____ auction is often better for the seller because the bidder with the highest private valuation will not let the bid drop much below that valuation for fear of losing the item to another bidder.

Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

A(n) _____ is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be.

The types of products that work well for group shopping sites are branded products with well-established reputations.

Visitors spend a greater amount of time at portal sites than they do at most other types of Web sites, which is attractive to advertisers.

Traditionally, large companies distribute excess inventory through _____.

People employed by a seller or an auctioneer to make bids on behalf of the seller are called _____.

In industries where there is a high degree of competition among suppliers, reverse auctions can be an efficient way to conduct and manage the price bidding that would naturally occur in that market.