Overview of an English Auction
There are many types of auctions—English, Japanese, Dutch, and sealed-bid to name a few. Each type has its own rules, but the goal of most auctions is simply to sell an item for the highest price someone is willing to pay. The terminology you must know to understand auctions is quite simple as well and is probably already familiar to you. To start with, a price offered for an item in an auction is called a bid and the people submitting the bids are called the bidders—nothing difficult so far. The other terms and business rules that are involved get a little more complicated than this, but not much.
The different auction formats are, for the most part, defined by how the bidding process is handled. English auctions ...
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