Share
Explore BrainMass

An auction site that specializes in items of only one type, or from one industry, is called...

An auction site that specializes in items of only one type, or from one industry, is called ______

A forward auction site, a reverse auction site, a vortal, or a Dutch auction site

Please advise answer and explain. Thanks!

Solution Preview

Dutch Auction:
An auction in which an item is initially offered at a high price that is progressively lowered until a bid is made and the item sold.
Dutch Auction
An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price
The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities
The noun dutch auction has one meaning: a method of selling in which the price is reduced until a buyer is found.
· Dutch auction: In the traditional Dutch auction the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined minimum price is reached. ...

Solution Summary

Here is just a sample of what you'll find in this solution:

"It is also possible to auction each identical item individually. Once each item has been priced, the winning bidder is entitled to buy the remaining goods at the same price. Items the winning bidder opts not to purchase are auctioned again."

$2.19