Absolute Auction

What is a key factor to consider when determining the best sales approach for a product?

• The color of the product

• The price of the product

• The type of product

• The location of the sale

Which type of auction is described as having no reserve or minimum price?

• Silent auction

• Absolute auction

• Sealed-bid auction

• Dutch auction

In an absolute auction, what determines the winner?

• The first bid

• The highest bid

• The lowest bid

• The average bid

What is a common misconception about auctions?

• They always have a reserve price

• They are only for expensive items

• They are only held online

• They are only for art pieces

How does the absence of a reserve price in an absolute auction affect the sale?

• It guarantees a higher sale price

• It ensures the item is not sold

• It limits the number of bidders

• It impacts the final deal made