In an English open outcry auction,

Question

Quizplus · Accepted Answer

In an English open outcry auction, bidding starts at a lower price and then gradually increases as buyers place their bids until only one buyer remains. This process is known as ascending bid or open ascending price auction. Therefore, option E) is the correct answer. Option A) is incorrect because it describes a descending bid auction, which is not characteristic of an English open outcry auction. Options B), C), and D) are also incorrect because they do not accurately describe the nature of an English open outcry auction.

In an English Open Outcry Auction