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Auctions allow items to be sold to the highest bidder. Participants bid on the item until the highest bid is reached within a set timeframe. The highest bidder wins and pays the bid amount.

Types of auctions include English (ascending bid), Dutch (descending bid), sealed-bid (highest bid wins), and Vickrey (sealed-bid, second-highest bid wins). Additionally, there are reverse (lowest bid wins) and silent (secret bids) auctions, catering to various selling dynamics and bidder preferences.

Auctions allow items to be sold to the highest bidder. Participants bid on the item until the highest bid is reached within a set timeframe. The highest bidder wins and pays the bid amount.

An auction is a public sale where goods or services are sold to the highest bidder. Bidders compete to offer the highest price, and the item is awarded to the bidder with the highest bid when the auction ends.