A formal auction in which participants pay a nonrefundable small fee for each bid, and the bid level changes by small increments. This defines

A formal auction in which participants pay a nonrefundable small fee for each bid, and the bid level changes by small increments. This defines

A formal auction in which participants pay a nonrefundable small fee for each bid, and the bid level changes by small increments. This defines



A)penny auction.
B)reverse auction.
C)forward auction.
D)charge-by-bid auction.





Answer: A