An auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other is referred to as a
A) vertical auction.
B) reverse auction.
C) horizontal auction.
D) traditional auction.
E) reciprocal auction.

Question

Quizplus · Accepted Answer

A reverse auction is a type of auction where the roles of buyer and seller are reversed, with the primary objective being for sellers to compete to obtain business from the buyer, who communicates a need for a product or service.

An Auction in Which a Buyer Communicates a Need for a Product