IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

In a Dutch auction, how does the bidding process work?

Bidding starts low and increases until only one bidder remains The auctioneer starts with a high price and progressively lowers it until a bidder accepts All bids are submitted in sealed envelopes Bidders whisper their bids to the auctioneer privately

Correct Answer:

The auctioneer starts with a high price and progressively lowers it until a bidder accepts

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