An auction in which participants cry out their bids, and each participant can increase his bid until the auction ends with the highest bidder winning the object is known as:
A)an English auction.
B)first-price sealed-bid auction.
C)second-price sealed-bid auction.
D)Dutch ascending auction.

Question

Quizplus · Accepted Answer

The description given is of an English auction. In this type of auction, the bids are publicly announced by the participants and continue to increase until the highest bidder wins the object for sale. An English auction is also known as an open ascending auction, in which the auctioneer calls out the starting price and then bidders compete by shouting out higher bids until no one is willing to bid anymore. The highest bidder wins the auction.

An Auction in Which Participants Cry Out Their Bids, and Each