In a(n) ________, all of the buyers know the highest price bid at any point in time.
A) reverse auction
B) dynamic auction
C) open auction
D) reserve auction
E) price-lining auction

Question

Quizplus · Accepted Answer

In an open auction, all of the buyers are aware of the highest price bid at any given time. This creates a transparent bidding process and allows all buyers to adjust their bids accordingly. In contrast, in a reserve auction, the seller sets a minimum price that must be met for the item to be sold, so the buyers do not know the lowest acceptable price. A reverse auction involves multiple sellers and a single buyer, with the price decreasing until a seller agrees to sell. A dynamic auction allows for bidding increments to change based on the competition, while a price-lining auction involves setting prices at predetermined levels.

In A(n) ________, All of the Buyers Know the Highest