Auction-based pricing is a pricing method used primarily on the Internet where price is determined by willing buyers and sellers.

Question

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Auction-based pricing involves an open bidding process where buyers and sellers set prices based on demand and supply, which can be facilitated through online auction sites such as eBay, Amazon, or government auctions platforms. This pricing method is prevalent on the Internet as it allows buyers to set prices and sellers to find the best prices for their goods or services in real-time, often resulting in better deals for both parties.

Auction-Based Pricing Is a Pricing Method Used Primarily on the Internet