In which of the following auctions does the auctioneer first announce a high price for a product and then slowly decreases the price until a bidder accepts?
A) a Dutch auction with one buyer and many sellers
B) an English auction with one seller and many buyers
C) an ascending bid auction
D) a sealed-bid auction
E) a Dutch auction with one seller and many buyers
Answer: E) a Dutch auction with one seller and many buyers