A(n)________ is an auction in which bids are placed publicly and the price decreases until a bidder stops the auction.
A) English auction
B) Dutch auction
C) silent auction
D) penny auction

Question

Quizplus · Accepted Answer

This is a clear description of a Dutch auction, where the price starts high and gradually lowers until a bidder decides to accept the current price and make a purchase. In contrast, an English auction starts low and bids increase until no one is willing to bid higher, while a silent auction involves placing bids on paper without public display of the current highest offer. Penny auctions involve bidding small amounts that increase the overall price with each bid, and are often associated with scam websites.

A(n)________ Is an Auction in Which Bids Are Placed Publicly