In a(n) _____,companies invite sellers to submit bids for products and services.
A) reverse auction
B) English auction
C) Dutch auction
D) first-price auction

Question

Quizplus · Accepted Answer

In a reverse auction, buyers (in this case companies) invite sellers to submit bids for products and services. The seller with the lowest bid typically wins the auction, as opposed to traditional auctions where the seller with the highest bid wins. This format is commonly used in procurement, where companies are looking to purchase products or services from external vendors at the best possible price.

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