An auction in which the buyer places an item for bid on a request for quote system,potential suppliers bid on the job,with the price reducing sequentially,and the lowest bid wins; this describes
A) forward auctions.
B) reverse auctions.
C) bidding auction system.
D) tendering system.

Question

Quizplus · Accepted Answer

This is a description of a reverse auction, where suppliers bid on a job and the price reduces sequentially until the lowest bid wins. Forward auctions, on the other hand, typically involve the seller placing an item for bid, and potential buyers bidding up the price. Bidding auction system and tendering system are not accurate descriptions of this specific type of auction.

An Auction in Which the Buyer Places an Item for Bid