A shoe manufacturing company requires high-quality leather to make shoes that can be used for trekking.It provides a detailed list of specifications to a group of vendors who supply the leather in bulk.After a series of discussions and bids by the suppliers, the company accepts a specific bid for a supply of a large quantity of processed leather.This is an example of a(n):

Question

Quizplus · Accepted Answer

In a reverse auction, buyers provide specifications and suppliers bid to offer the best price, which is what the shoe company did by accepting a bid from suppliers.

A Shoe Manufacturing Company Requires High-Quality Leather to Make Shoes