Asked by Chris Huynh on Jun 13, 2024

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Verified

​An English auction is

A) ​A sealed auction
B) An oral auction
C) An auction where bidders submit decreasing bids
D) ​All of the above

English Auction

A public sale method where bids are openly made and raised until no higher bid is offered, with the highest bidder purchasing the item.

Sealed Auction

An auction format in which all bids are submitted simultaneously in sealed envelopes, and the highest bid wins without bidders knowing the bid amounts of others.

Oral Auction

In this auction type, bidders submit increasing bids until only one bidder remains. The item is awarded to the last remaining bidder.

  • Differentiate between various types of auctions and their specific characteristics.
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Verified Answer

KE
khate estradaJun 16, 2024
Final Answer :
B
Explanation :
An English auction is an oral auction where bidders openly submit increasing bids until no one is willing to bid any higher. Therefore, choice B is the correct answer. Sealed auctions involve written bids, and decreasing bids are not typical in English auctions.