In one type of ________,the auctioneer announces a high price for a product and then slowly decreases the price until a bidder accepts the price.
A) ascending auction
B) English auction
C) sealed-bid auction
D) going-rate auction
E) Dutch auction

Question

Quizplus · Accepted Answer

The type of auction described is a Dutch auction, where the auctioneer starts with a high price and gradually lowers it until a bidder accepts the price. This type of auction is commonly used for perishable goods, such as flowers or fish, where it is important to sell the products quickly.

In One Type of ________,The Auctioneer Announces a High Price