In ____ auctions, bidders submit their bids independently and are usually prohibited from sharing information with each other.
A)sealed-bid
B)closed-bid
C)open-outcry
D)secure-bid

Question

Quizplus · Accepted Answer

In sealed-bid auctions, bidders submit their bids independently and the bids are kept confidential until they are opened together at a designated time. This prohibits bidders from sharing information with each other, which can lead to a fair competition without any collusion. Closed-bid and secure-bid are not commonly used terms in auction terminology, and open-outcry auctions involve public bidding where bidders can see and react to each other's bids.

In ____ Auctions, Bidders Submit Their Bids Independently and Are