An auction in which a seller begins by offering an item for sale at a relatively high price and then reduces the price by fixed amounts until receiving a bid is known as a:
A) Dutch auction.
B) English auction.
C) second-price auction.
D) sealed-bid auction.

Question

Quizplus · Accepted Answer

A Dutch auction is characterized by the auctioneer starting with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined minimum price is reached.

An Auction in Which a Seller Begins by Offering an Item