What is an auction?

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What is an auction?

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Auction is a process of buying and selling goods by offering a bid for them. Each product is sold to the person whose bid is the highest. Auctions can be of the following types:

  • Reserve auction: In this type of auction, a minimum price is declared for a product. If the bid does not reach that price, there is no sale.
  • Absolute auction: In this type of auction, the product is sold to the highest bidder. There is no limit to the price of the product.


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