Question 19 of 23
Q.What do you mean by Auctioning ?
Tamil Nadu DgeTamil Nadu HSC (DGE) Commerce Board 2024Subjective· 2mImportance★★★★★
83% · 19/23 Questions
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Start your 14-day free trial to unlock the full solution →Auctioning is a public method of selling in which goods are sold to the highest bidder through open, competitive bidding.
Auctioning is one of the methods by which a marketer disposes of goods, as covered in the Concept of Market and Marketer chapter of the Tamil Nadu HSC Class-12 Commerce syllabus.
Meaning: An auction is a public sale where the goods are offered for sale and the intending buyers make open, competitive bids. The seller (or an auctioneer acting on his behalf) invites bids, and the goods are knocked down (sold) to the person offering the highest price.
Features:
- It is a public sale open to many buyers at the same time.
- Buyers bid in open competition, one bid higher than another.
- The highest bidder gets the goods. …
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