BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Dutch auction-auctioneer calls out prices beginning with a very high value and gradually reduces it. The first bidder to accept an offered price wins. The Dutch auction gets its name because of its use in the flower markets in Holland.

Detailed explanation-2: -A Dutch auction (also called a descending price auction) refers to a type of auction in which an auctioneer starts with a very high price, incrementally lowering the price until someone places a bid.

Detailed explanation-3: -Here, the point is that bidders in a first-price auction will tend to bid lower than they do in a second-price auction, and in fact this lowering of bids will tend to offset what would otherwise look like a difference in the size of the winning bid.

Detailed explanation-4: -The reserve price is the lowest price at which a seller is willing to sell an item. If at the close of auction, the bidders have not met the reserve price, the seller is not obligated to sell. All bidding for your item will start at this price. Please keep this amount as low as possible.