An Auction Where Visitors Describe Items or Services They Want

question 23

Multiple Choice

An auction where visitors describe items or services they want to buy, and a group of participating merchants reply with offers to supply the item at a particular price is called a _____.

• A) second-price sealed bid
• B) seller-bid
• C) first-price sealed-bid
• D) reverse bid

---

Definitions:

Procrastination

The action of delaying or postponing tasks despite knowing there might be negative consequences.

Poor Communications

The failure to convey or exchange information effectively, resulting in misunderstandings or conflicts.

Operations Management

The process of planning, organizing, and supervising the production, manufacture, or provision of services, emphasizing efficiency and effectiveness.

Being Flexible

The capacity to adapt to new, different, or changing requirements and conditions in a responsive and practical manner.