Figure 6-6b
-Which type of auction does Figure 6-6b above represent?
A) traditional auction
B) vertical auction
C) reverse auction
D) horizontal auction
E) reciprocal auction

Question

Figure 6-6b
-Which type of auction does Figure 6-6b above represent?
A) traditional auction 
B) vertical auction 
C) reverse auction 
D) horizontal auction 
E) reciprocal auction

Quizplus · Accepted Answer

The figure represents a reverse auction where multiple suppliers compete to win the business of a buyer by offering lower and lower prices. The bid prices are displayed publicly, and the buyer chooses the lowest bid. This type of auction is often used in procurement to negotiate with suppliers and achieve cost savings.

Figure 6-6b -Which Type of Auction Does Figure 6-6b Above Represent