Traditional auctions:

Question

Quizplus · Accepted Answer

Traditional auctions typically have sequential bidding, where the auctioneer starts with a low initial bid and gradually increases it until no one else is willing to bid higher. This benefits the seller, as they are able to sell the item for the highest possible price. While buyers may also benefit if they are able to successfully bid and win the item, the ultimate benefit lies with the seller. Option A is incorrect as both buyers and sellers can benefit from a successful auction. Option B is incorrect as the number of bidders may decrease as the price increases, rather than increase. Option C is incorrect as traditional auctions are typically initiated by the seller, not the buyer.

Traditional Auctions