Question

Are auctions an efficient way to settle price differences among consumers?

Answer 1

Heya...

No, only auctions are not the efficient way to settle the price differences among the consumers...

Auctions are only the method to sell the goods at different prices by creating a atmosphere of competition that who can buy at high price...

But the motive of producer is to set the price differences so for this more other measures should be taken such as improving quality of goods, by advertising and so on..

Thank you

Answer 2

Auction is not the way in settling down the price differences of the consumers because auctions always focus on settling down the price of the consumers at the increased costs.

Explanation:

• In addition to this, the consumers who are affordable to buy the products pay high cost while some other consumers may not be affordable in buying the products.
• Instead of following the auction practices, one can select the option of fixing the prices for the products depending upon the needs of the customers.

TO KNOW MORE:

Meaning of public auction

https://brainly.in/question/14938162

What does a consumer need for a correct decision and choice about a product?

https://brainly.in/question/8258862