COMPUTER FUNDAMENTALS

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: -A Dutch reverse auction is a type of RFx that contains a list of items that buyers want to procure. In this auction, the price of the item rises after fixed intervals until a reserved price is reached.

Detailed explanation-3: -In an ordinary auction also known as a forward auction, buyers compete to obtain goods or services by offering increasingly higher prices. In contrast, in a reverse auction, the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers underbid each other.