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23 June, 07:38

In what type of auction does a buyer initiate the process by submitting a description of the desired product or service?

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  1. 23 June, 11:15
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    Dutch Auction

    Explanation:

    The type of auction that is being described is called a Dutch Auction. Like mentioned in the question this is a type of auction in which the buyer initiates the process by submitting a description of the desired product or service, and when selling a high asking price is set and lowered until a participant accepts or the reserve price is met.
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