ECONOMICS

Detailed explanation-1: -In a buyer-bid auction, the highest bidder takes ownership of the item at their bid price, whereas in a seller-bid auction, the lowest “bidder” wins the right to sell their goods for the highest bid price accepted by a buyer.

Detailed explanation-2: -Among various bidders, the one who offers the highest price or bid will normally be the successful purchaser. Initially, the seller often places a minimum price for his/her property. The bidders compete among themselves by offering competitive prices and the highest bid will normally be accepted by the seller.

Detailed explanation-3: -An auction is a public sale in which goods or property are sold to the highest bidder.

Detailed explanation-4: -The maximum bid is the maximum amount you are willing to pay for an item. Maximum bids are also referred to as proxy bids.

Detailed explanation-5: -Such interested buyers are the bidders. The price they are offering for the goods is the bid. And the goods will be sold to the bidder with the highest bid. The person carrying out the auction sale is the auctioneer.