________ let would-be suppliers submit only one bid; they cannot know the other bids.
A) Descending bid auctions
B) Sealed-bid auctions
C) English auctions
D) Dutch auctions
E) Reverse auctions

Question

Quizplus · Accepted Answer

Sealed-bid auctions are designed to keep the bids of participants undisclosed from one another. In this type of auction, the bids are submitted in sealed envelopes, and the highest bidder wins the auction. The sealed-bid auction is considered to be the most reliable way to conduct an auction as there is no chance for one bidder to know the bid of others. The process ensures fair competition between bidders and often leads to higher bids being placed.

________ Let Would-Be Suppliers Submit Only One Bid; They Cannot