competitive auction

A competitive auction is a process where individuals place bids for goods or services, competing against one another to secure the item. Bidders start with an initial price, and as they raise their offers, the highest bidder wins once no one is willing to bid higher. This method ensures that the final price reflects the item’s market value, determined by how much participants are willing to pay. Auctions can be held for various items, like art, antiques, or real estate, and can take place in person or online. The competitive nature encourages better pricing and transparency.