Management Information System (MIS) Practice Exam

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________ is a form of e-auction in which the highest bidder wins.

  1. A reverse auction

  2. Bartering

  3. Forward auction

  4. Request for quote

The correct answer is: Forward auction

The correct answer is forward auction, which is characterized by its competitive nature where multiple bidders place increasing bids on an item or service. In a forward auction, the seller presents an item for sale, and interested buyers place bids over a predetermined period. At the end of the auction, the highest bid wins, and the successful bidder purchases the item at that price. This format encourages bidders to compete against each other, driving the final selling price higher. In contrast, a reverse auction operates in the opposite manner, where sellers bid to win a buyer's business, not particularly aligning with the concept of the highest bidder winning. Bartering involves trading goods or services directly without using money or bids, which is not relevant to the auction scenario. Lastly, a request for quote is a process used to gather price quotations from suppliers but does not involve bidding or a competitive auction format. The concept of a forward auction effectively captures the essence of traditional auction practices, where the highest offer secures the purchase.