Reverse Auction Refers to

Multiple Choice

Reverse auction refers to

A) an online auction 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.
B) an online auction in which a manufacturer offers to share its facilities, inventory, or services with other smaller firms who are invited to bid in competition with each other.
C) an online auction 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) an online auction where firms may sell their overstock-unused raw materials, packaging, and tools to the highest bidder.
E) an online auction where firms seek to purchase other firms' overstock-unused raw materials, packaging, and tools, while trying to find the lowest price possible.