an auction in which the buyer places an item for bid on a request for quote system course hero
by Abigayle Kshlerin
Published 2 years ago
Updated 1 year ago
10 min read
What is it called when people bid on items?
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder.
What does auction closed mean?
In a closed format, bidders are not aware of other bids. Auctions can be live, or they can be conducted on an online platform. The asset or service in question is sold to the party that places the highest bid in an open auction and usually to the highest bidder in a closed auction.
What is auction system?
An auction is a system of buying and selling goodsInventoryInventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a or services by offering them for bidding—allowing people to bid and selling to the highest bidder.
What are the 4 types of auctions?
He established four major (one-sided) auction types: (1) the ascending-bid (open, oral, or English) auction; (2) the descending-bid (Dutch) auction; (3) the first-price, sealed-bid auction; and (4) the second-price, sealed-bid (Vickrey) auction.