An English auction is an auction wherein:
A)the price called out continues to descend until someone is willing to pay that price.
B)participants cry out their bids and the bids keep rising until no participant is willing to pay a higher price for the object being sold.
C)bids are sealed and the individual with the highest bid wins.
D)bids are sealed and everyone with a price higher than the reservation price wins.

Question

Quizplus · Accepted Answer

In an English auction, participants call out their bids and the bids keep rising until no participant is willing to pay a higher price for the object being sold. This is also known as an open ascending price auction. In an English auction, participants vocally increase their bids until no one is willing to bid higher. This is also known as an open-outcry auction.

An English Auction Is an Auction Wherein