Auctions – An Explanation (B2)

Auctions can be categorized into several types, each with unique rules and strategies. The most common include:

  1. English Auctions: Also known as open ascending price auctions, these involve bidders openly submitting higher bids until no further bids are made. The item is sold to the highest bidder. This type is prevalent in traditional auction houses and online platforms like eBay.
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