An auction in which the auctioneer sets the price arbitrarily high and then systematically reduces it until one bidder stops the falling price and buys the good is called a(n)

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This type of auction is called a Dutch auction, where the price starts high and goes down until someone is willing to buy. German auctions involve bidding without knowing what others bid, while English auctions involve starting with a low price and allowing bidders to raise it until no further bids are made.

An Auction in Which the Auctioneer Sets the Price Arbitrarily