What type of auction would you be involved in if the buyer receives bids from potential suppliers?
A) English auction
B) Reverse auction
C) Revised auction
D) Dutch auction
E) Sealed-bid auction

Question

Quizplus · Accepted Answer

In a reverse auction, the buyer receives bids from potential suppliers and the lowest bid is accepted. This type of auction is commonly used in procurement processes by businesses and government agencies to secure goods and services at the lowest possible price.

What Type of Auction Would You Be Involved in If