In _____ auctions, there is one buyer who wants to buy a product. Suppliers submit bids, and the lowest bid wins.
A) forward
B) static
C) reverse
D) physical
E) simple

Question

Quizplus · Accepted Answer

In reverse auctions, there is typically one buyer and multiple suppliers. The suppliers submit their bids, and the lowest bid wins the contract. This type of auction is commonly used in procurement and sourcing activities to achieve cost savings.

In _____ Auctions, There Is One Buyer Who Wants to Buy