In a(n) _____, companies invite sellers to submit bids for products and services so that the buyer can choose the seller that offers the service or product at the lowest price.
A) reverse auction
B) absolute auction
C) no reserve auction
D) minimum bid auction

Question

Quizplus · Accepted Answer

Reverse auction is the type of auction where companies invite multiple sellers to bid for products or services, and the seller who offers the lowest price wins the contract. This type of auction is beneficial for the buyer as they can choose the best seller based on price and other criteria. Absolute auction, no reserve auction, and minimum bid auction are not suitable for this scenario.

In A(n) _____, Companies Invite Sellers to Submit Bids for Products