In a(n) ________, sellers compete for the right to provide a product to a buyer.
A) reverse auction
B) dynamic auction
C) open auction
D) reserve auction
E) closed auction

Question

Quizplus · Accepted Answer

In a reverse auction, potential sellers bid to compete for the business of a buyer. The buyer typically sets a starting price and then potential sellers submit lower and lower bids until the seller with the lowest bid is chosen. This type of auction is often used in business-to-business purchasing situations.

In A(n) ________, Sellers Compete for the Right to Provide