GENERAL KNOWLEDGE

Detailed explanation-1: -The company under this plan maintains its price but removes or prices separately one or more elements that were part of the former offer, such as free delivery or installation.

Detailed explanation-2: -Dutch Auction This is an open descending price auction where the auctioneer starts with a high asking price and lowers the bid until one of the bidders is willing to accept the auctioneer’s price, or when the seller’s reserve price is achieved.

Detailed explanation-3: -Bidding for government contracts is an example of reverse auctions. In this type of auction, governments specify requirements for the project, and bidders, which are approved contractors, come up with a cost structure to finish the project.

Detailed explanation-4: -Auctions are an efficient way of raising funds through the sale of items at the best price possible. The selling price of the item is determined through a competitive bidding process. Some of the most common types of auctions are live auction, silent auction and online auction.

Detailed explanation-5: -An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder.