Auction (Bidding)

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Auction selling refers to a method of selling goods where potential buyers bid against each other to secure the purchase. In this type of sale, the seller sets a starting price and interested buyers compete by placing incremental offers higher than the previous bid. The bidding continues until a predetermined end time or until no further bids are placed.

During the auction, the price of the item gradually increases as participants place higher bids. The highest bidder at the end of the auction wins the item and is obligated to pay the final bid amount to the seller.

Auction selling provides an opportunity for sellers to potentially achieve higher prices for their items, especially when there is significant demand and competition among buyers. It also creates an engaging and interactive shopping experience for buyers.