AUCTION

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

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auction

Noun

  1. A public event where goods or property are sold to the highest bidder.

Verb

  1. To sell at an auction.


The above text is a snippet from Wiktionary: auction
and as such is available under the Creative Commons Attribution/Share-Alike License.

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