Reverse auctions

Question

Reverse auctions

Quizplus · Accepted Answer

Reverse auctions are buyer-initiated, meaning the buyer sets the terms of the auction and invites sellers to bid. This is in contrast to traditional auctions, where sellers initiate the process and buyers bid on items. Therefore, option A is the correct answer. Option B is false since reverse auctions are intended to benefit the buyer by reducing costs. Option C is also incorrect as the number of buyers in a reverse auction typically decreases as the auction progresses. Option D is false since sequential bidding is common in reverse auctions, and option E is incorrect since there are typically fewer buyers at the start of a reverse auction.

Reverse Auctions