Asked by Nadia Kovacs on Jun 22, 2024
Verified
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.
Verified Answer
Learning Objectives
- Analyze the function of competitive bidding in securing equitable and competitive pricing.
Related questions
Items for Which Prices Are Comparatively Low and the Cost ...
When Using Competitive Bidding to Determine Prices,the Purchaser Should Ensure ...
The Process for Bidding in the Public Sector Is Generally ...
Ebay's Use of Bidding Agents Will ...
Which of the Following Statements About Competitive Bidding Is/are True ...