Examlex
What is biodiversity?
Dutch Auction
A type of auction where the auctioneer starts with a high asking price which is lowered until some participant is willing to accept the auctioneer’s price, or a predetermined minimum price is reached.
Sealed-Bid Auction
A type of auction where all bidders simultaneously submit sealed bids without knowing the bids of other participants.
Reserve Price
The minimum price a seller is willing to accept for an item being sold at auction.
English Auction
A type of auction in which the price ascends as participants sequentially bid higher prices until only one bidder remains, who wins the item.
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