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An online auction is a digital marketplace where buyers bid on goods or services, with the item typically going to the highest bidder. Online auctions are used for a wide variety of products, including consumer goods, collectibles, and services. Popular platforms like eBay host online auctions that provide a dynamic pricing mechanism where bidders compete in real time. Sellers often set a starting price or reserve price to ensure they receive a minimum amount.
A rare baseball card is listed on an online auction platform, and after several bids, the card is sold to the highest bidder for $1,200.
• A digital marketplace where goods or services are sold to the highest bidder.
• Commonly used for collectibles, consumer goods, and services.
• Sellers can set starting or reserve prices to ensure a minimum sale amount.
Buyers have the opportunity to bid competitively, while sellers can achieve a higher price through bidding wars, maximizing value.
Reserve prices ensure that sellers do not sell items for less than their desired minimum price.
Real-time bidding can drive prices higher as multiple bidders compete, sometimes leading to final prices above initial expectations.
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