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

Quizplus · Accepted Answer

Figure 6-6B represents a reverse auction, where multiple buyers compete to purchase goods or services from a single seller. In this type of auction, the seller sets a starting price and buyers submit decreasing bids until the lowest bidder wins the auction.

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