How do auction sites work?
E-Bay has become the model for most online auctions. You visit the website and search for items that interest you. You register with E-Bay and place bids (generally listing the most you’d be willing to spend on the item) and wait for the time limit on the auction to run out. Your “maximum bid” doesn’t necessarily appear as the current bid price for the item – if your maximum is much higher than the current amount, only an incremental amount over the current bid will appear. As other bidders enter their highest amount, the current bid price rises. If your maximum is still higher than the amount entered by subsequent bidders, the price will keep pace with the other bids until your maximum price is reached. Once someone bids higher than your maximum amount, they take control of the bidding and their maximum amount becomes the amount to beat to win the item. If you win, you are expected to pay for the item. Q: How am I expected to pay? That depends on the seller. Some will accept many form
