A Reverse Auction Is One in Which The

Multiple Choice

A reverse auction is one in which the:

A) price starts high and then is reduced until only one bidder remains.
B) price starts low and then the seller raises price until only one bidder remains.
C) price starts high and then is reduced until only one seller remains.
D) price starts low and then the buyer raises the price until only one seller remains.
E) bidders submit sealed bids for the right to participate in the auction.