The most common and traditional form of auctions in which one seller entertains bids from many buyers is referred to as ________.
A)forward auctions
B)reverse auctions
C)bidding auction system
D)tendering system

Question

Quizplus · Accepted Answer

Forward auctions are the most common and traditional form of auctions where one seller entertains bids from many buyers. In forward auctions, sellers offer goods or services for sale, and buyers bid on those items, with the highest bidder winning the auction. Reverse auctions, on the other hand, involve one buyer and multiple sellers, where the buyer initiates the auction by posting a request for goods or services and sellers bid competitively to win the contract. Bidding auction system and tendering system are not commonly used terms in auction terminology.

The Most Common and Traditional Form of Auctions in Which