COMPUTER APPLICATIONS
E COMMERCE AND E BUSINESS APPLICATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Normal auction
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Reverse auction
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Forward auction
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Backward auction
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Detailed explanation-1: -A forward auction is a type of auction in which the bidding starts at a lower price and gradually goes up. This allows businesses and individuals to get the best possible price for their product or service, as the highest bidder is usually the one who wins.
Detailed explanation-2: -When a property up for auction is ‘passed in’, this means the top bid hasn’t met the vendor’s expectations (i.e. it isn’t as high as they were hoping for). If this happens, the highest bidder will be asked to step inside to carry out private negotiations with the vendor’s real estate agent.
Detailed explanation-3: -Forward Auction Benefits In this, the bidding starts at a minimum price that is acceptable by the supplier. The bid is increased in a fixed increment. Buyers can continuously bid in a competitive environment and bid moves upward. The increment of bidding price is according to the buyer’s bidding action.