A cloth manufacturing company requires raw materials such as cotton and jute for its range of products.To procure the raw materials, the company participates in an auction where raw cotton is sold to the highest bidder.This type of auction is an example of a(n) :
A) Dutch auction.
B) reverse auction.
C) Vickrey auction.
D) informal auction.
E) English auction.
Correct Answer:
Verified
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