PowerChain Solutions is an e-commerce marketplace serving companies and organizations world-wide.It helps buyers of parts and services to purchase these items for the lowest price, using bids from prospective sellers.In this example, what type of auction would PowerChain Solutions facilitate?

Question

Quizplus · Accepted Answer

In a reverse auction, a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.Bidding is sequential and prospective suppliers observe the bids of others and decide whether to decrease the bid price.

PowerChain Solutions Is an E-Commerce Marketplace Serving Companies and Organizations