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12 Mar 2024, 12:53
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
75%
(hard)
Question Stats:
56% (02:14) correct
44%
(02:17)
wrong
based on 213
sessions
History
Date
Time
Result
Not Attempted Yet
Columnist: On Web sites that conduct online auctions, sellers who set low asking prices tend to make more money than do those who set higher prices for similar items. A low asking price encourages more people to make initial bids. More bids make the item look more attractive to other potential buyers, thereby generating even more bids. Many of the early bidders then feel compelled to bid higher than they otherwise would have so that will not lose the item.
The columnist’s claims most strongly support the conclusion that
A. in online auctions, sellers who set excessively high asking prices usually receive no bids matching those prices
B. The more people who make initial bids on an item, the higher the final bid tends to be
C. Potential buyers tend to base how useful an item would be to them at least in part on the amount the seller sets as the asking price
D. Bidders who feel compelled to bid higher than they otherwise would usually end up paying more for an item than it is worth
E. The types of items for which most sellers set lower asking prices tend, on average, to ultimately generate higher bids than do other types of items
The columnist’s claims most strongly support the conclusion that
A. in online auctions, sellers who set excessively high asking prices usually receive no bids matching those prices
B. The more people who make initial bids on an item, the higher the final bid tends to be
C. Potential buyers tend to base how useful an item would be to them at least in part on the amount the seller sets as the asking price
D. Bidders who feel compelled to bid higher than they otherwise would usually end up paying more for an item than it is worth
E. The types of items for which most sellers set lower asking prices tend, on average, to ultimately generate higher bids than do other types of items
11 Jul 2024, 22:17
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JJ.jj
I was confused with 4 options (A, B, D, E) here and I had reasons for ruling out all the 4
A - In online auctions, sellers who set excessively high asking prices usually receive no bids matching those prices
This is too extreme to conlcuded that there are no bids matching the price.
B. The more people who make initial bids on an item, the higher the final bid tends to be:
This seemed to be the right answer, but what if fewer people taking a bid, bid the item for higher prices?
For example - 10 bids, where each bid was greater than 10 units. 5 bids, where bid greater than 1000 curency units. Final bid higher in the second case.
D. Bidders who feel compelled to bid higher than they otherwise would usually end up paying more for an item than it is worth
Not possible to comment on the worth of the item, so ruling out!
E. The types of items for which most sellers set lower asking prices tend, on average, to ultimately generate higher bids than do other types of items
It is comparing different types of items whereas the argument compares asking prices for similar items.
b_sudharsan KarishmaB GMATNinja
Could you explain this please? Thank you!
12 Jul 2024, 06:33
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Quote:
Hi, jaswanth_ss!
To solve this question, let us deploy IMS's four-step technique.
STEP #1 -> IDENTIFY THE QUESTION TYPE
Let us read the question stem to identify the question type. The stem states, 'The columnist’s claims most strongly support the conclusion that'. What we have is a conclusion question.
Now that the question type is identified, let us proceed to the next step.
STEP #2 -> X-RAY THE PASSAGE
Let us now x-ray the passage and state the facts.
FACT #1 -> On Web sites that conduct online auctions, sellers who set low asking prices tend to make more money than do those who set higher prices for similar items.
FACT #2 -> A low asking price encourages more people to make initial bids.
FACT #3 -> More bids make the item look more attractive to other potential buyers, thereby generating even more bids.
FACT #4 -> Many of the early bidders then feel compelled to bid higher than they otherwise would have so that will not lose the item.
Now that the argument is x-rayed, let us proceed to the third step.
STEP #3 -> FRAME A SHADOW ANSWER
In a conclusion question, the correct answer must be fully (100 percent) validated by the facts stated in the passage. The correct answer either links the unlinked terms or summarizes the information shared by the author.
SHADOW ANSWER: Any option that summarizes the information stated in the passage or links the unlinked terms.
STEP #4 -> ELIMINATE INCORRECT OPTIONS
A. In online auctions, sellers who set excessively high asking prices usually receive no bids matching those prices - NOT A MATCH - There is no info regarding sellers who set excessively high asking prices; therefore, no conclusion about such bidders can be drawn. - ELIMINATE
B. The more people who make initial bids on an item, the higher the final bid tends to be - MATCHES THE SHADOW ANSWER - This answer option summarizes the stated facts. More bids -> Attractive to other potential buyers -> Even more bids -> Early bidders bid higher - KEEP
C. Potential buyers tend to base how useful an item would be to them at least in part on the amount the seller sets as the asking price - NOT A MATCH - There is no info regarding the usefulness of an item. - ELIMINATE
D. Bidders who feel compelled to bid higher than they otherwise would usually end up paying more for an item than it is worth - NOT A MATCH - There is no info regarding the worth of an item. - ELIMINATE
E. The types of items for which most sellers set lower asking prices tend, on average, to ultimately generate higher bids than do other types of items. - NOT A MATCH - There is no info regarding the types of items for which most sellers set lower asking prices. - ELIMINATE
Hence, B is the correct answer.
