In _____ auctions, bidders submit their bids independently and are usually prohibited from sharing information with each other.
A) sealed-bid
B) descending-price
C) open-outcry
D) seller-bid

Question

Quizplus · Accepted Answer

In sealed-bid auctions, bidders submit their bids independently and cannot communicate with each other, as their bids are kept confidential until they are opened and evaluated by the auctioneer or seller. This type of auction is commonly used in government procurement contracts, real estate sales, and antiques auctions, where the auctioneer wants to encourage fair and competitive bidding without any collusion or influence among the bidders.

In _____ Auctions, Bidders Submit Their Bids Independently and Are