Auction is a method of selling goods in which people offer bids, and the item is sold to the person who makes the highest offer. Another form is the Dutch auction where the seller names a high price and gradually reduces it until someone makes a bid.

Webster Dictionary Meaning

1. Auction
- A public sale of property to the highest bidder, esp. by a person licensed and authorized for the purpose; a vendue.
- The things sold by auction or put up to auction.
2. Auction
- To sell by auction.
Category: Economics
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