Auctions, both physical and virtual, can take a variety of formats in terms of how the process is conducted and how the winner is determined. An English auction is where:
A) they use a descending price format whereby the auctioneer begins with a high price.
B) the price declines to the point that no products remain.
C) the price ascends and the third highest bidder wins.
D) the price ascends and the highest bidder wins.
E) the price is bargained between the bidder and auctioneer.

Question

Quizplus · Accepted Answer

In an English auction, the price ascends as bidders make increasing offers, and the highest bidder wins. This is the most common type of auction format used in traditional physical auctions, as well as online auction platforms such as eBay.

Auctions, Both Physical and Virtual, Can Take a Variety of Formats