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Auctions and Bidding Strategies
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QuestionClick to flip
Which type of auction involves a series of rounds, with each bidder submitting a new bid in each round until only one bidder remains?
AnswerClick to flip back
A
English Auction
💡 Explanation:
In an English auction, also known as an open ascending-bid auction, bidders start with a low price and gradually increase their bids until only one bidder remains.