An auction in which there is one buyer and many potential sellers or in which a buyer places an item for bid on an RFQ system and the lowest bid wins is referred to as all of the following except:

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Reverse auctions are a type of auction in which there is one buyer and many potential sellers. In a reverse auction, the buyer places an item for bid on an RFQ system and the lowest bid wins. Forward auctions are a type of auction in which there is one seller and many potential buyers. In a forward auction, the seller places an item for bid and the highest bid wins. Bidding auction systems are a type of auction in which buyers and sellers can place bids on items. The highest bid wins the item. Tendering systems are a type of auction in which buyers and sellers can submit bids on projects. The lowest bid wins the project.

An Auction in Which There Is One Buyer and Many