A Reverse Auction Refers to an Auction

Multiple Choice

A reverse auction refers to an auction

A) where firms may sell their overstock-unused raw materials, packaging, and tools-to the highest bidder.
B) in which a manufacturer offers to share its facilities, inventory, or services with other smaller firms that are invited to bid in competition with each other.
C) in which a smaller manufacturer seeks to share the facilities, inventory, or services of a larger firm, and invites those firms to bid in competition with each other.
D) in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.
E) where firms seek to purchase other firms' overstock-unused raw materials, packaging, and tools-while trying to find the lowest price possible.