English auction
Definition
Type of forward auction, in which usually a single item is offered for sale. Bidding starts with a low price, and is raised incrementally as progressively higher bids are solicited, until either the auction is closed or no higher bids are received. Often the seller sets a reserve price below which the item is not sold and the auction is aborted. Perhaps the most common form of auction, it allows a seller to secure the highest price for an item.
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