An auction involving multiple bids for blocks of identical items in which the seller accepts the lowest bid that will dispose of the entire amount placed at auction is called a:
A) Block auction.
B) Seal-bid auction.
C) Modified English auction.
D) Multiple item Dutch auction.
E) Japanese auction.

Question

Quizplus · Accepted Answer

This type of auction is known as a Multiple item Dutch auction. In a Dutch auction, the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined minimum price is reached. The twist with a Multiple item Dutch auction is that it involves multiple identical items, and the auction ends when the lowest bid is reached that allows all items to be sold.

An Auction Involving Multiple Bids for Blocks of Identical Items