Which of the following statements best describes reverse auctions?
A) Reverse auctions are an effective procurement process for critical production materials.
B) Large manufacturers do not engage in reverse auctions.
C) In a reverse auction, potential suppliers bid against each other.
D) There are no risks associated with reverse auctions.

Question

Quizplus · Accepted Answer

In a reverse auction, potential suppliers bid against each other to win a contract or sale. This drives down the price of the goods or services being offered. Therefore, statement C is the most accurate description of reverse auctions among the given options.

Which of the Following Statements Best Describes Reverse Auctions