Question

A(n) _____ is the process in which a buyer posts its interest in buying a certain quantity of items with notations concerning quality, specification, and delivery timing, and sellers compete for the business by submitting successively lower bids until there is only one seller left.

Answer 1

Answer:

Reverse Auction

Explanation:

Reverse Auction -

It is a type of auction process , where the positions of the buyer and the sellers are interchanged , is known as reverse auction .

In this case , it comprise of many sellers with one buyer .

Hence , in this case , the sellers compete to get the business from the buyer and therefore the price reduces as the sellers underbid each other .

From the question , the information is given about reverse auction .