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Asked by Nadia Kovacs on Jun 22, 2024

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Online reverse auctions are useful means of price determination for customized items.

Online Reverse Auctions

A type of auction in which sellers compete to obtain business by offering the lowest price for their goods or services, and the buyer selects from among these offers.

Price Determination

The process of setting the price of a product or service based on costs, market demand, and competitive factors.

Customized Items

Products or services that are specially designed to meet the specific requirements or preferences of a customer.

  • Analyze the function of competitive bidding in securing equitable and competitive pricing.
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Anizia JosephJun 23, 2024
Final Answer :
False
Explanation :
Online reverse auctions are more effective for commodities and standardized items where the lowest price can be the main criterion, rather than for customized items that may require a focus on quality, specifications, and supplier capabilities.

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