Through FedBid, Inc., government agencies invite businesses to bid to supply the specified good or service in competition with each other. This is an example of a(n) ____________.

Question

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FedBid is an example of a reverse auction because government agencies are inviting businesses to bid in competition with each other to supply a specified good or service. In a reverse auction, sellers compete to win business from a buyer, with the lowest bid typically winning the contract.