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) price-lining auction

Question

Quizplus · Accepted Answer

In a reverse auction, sellers compete for the right to provide a product to a buyer by offering decreasing prices until one seller is left. This type of auction is commonly used in procurement processes, where a buyer wants to get the best possible price from multiple suppliers. Therefore, a reverse auction is the best choice for the given scenario described in the question.

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