Millionaire Mode

Auctions and Experimental Economics

Question 1 of 15

In an ascending-bid auction, the price of the good or service:

  1. Starts at a low price and increases as bidders compete.
  2. Starts at a high price and decreases as bidders compete.
  3. Remains constant throughout the auction.
  4. Is determined by a random draw.

Prize Money

15₹7 Crores
14₹1 Crore
13₹50,00,000
12₹25,00,000
11₹12,50,000
10₹6,40,000
9₹3,20,000
8₹1,60,000
7₹80,000
6₹40,000
5₹20,000
4₹10,000
3₹5,000
2₹2,000
1₹1,000