What is an auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price?
A) Reverse auction
B) Private exchange
C) Private auction
D) Reverse exchange

Question

Quizplus · Accepted Answer

In a reverse auction format, organizations are invited to bid for a specific product or service by offering increasingly lower bids. This format is commonly used in procurement processes where the buyer is looking for the best possible price. The supplier with the lowest bid typically wins the auction. This is different from a traditional auction where bids are increased until the highest bidder wins.

What Is an Auction Format in Which Increasingly Lower Bids