When there is an auction when the bidder with the lowest bid wins, it is called a:
A) Reverse auction
B) Low auction
C) Backwards auction
D) Sellers auction
E) Dutch auction

Question

Quizplus · Accepted Answer

In a reverse auction, the roles of buyer and seller are reversed compared to a traditional auction, meaning the bidder who offers the lowest price wins, typically used for procurement.

When There Is an Auction When the Bidder with the Lowest