{"id":93892,"date":"2025-06-01T11:59:15","date_gmt":"2025-06-01T11:59:15","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=93892"},"modified":"2025-06-01T11:59:15","modified_gmt":"2025-06-01T11:59:15","slug":"auction-is-a-market-where-price-is","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/auction-is-a-market-where-price-is\/","title":{"rendered":"Auction is a market where price is"},"content":{"rendered":"

Auction is a market where price is<\/p>\n

[amp_mcq option1=”set by negotiation between buyer and seller” option2=”arrived at by a bidding process” option3=”notified by Government” option4=”declared by auctioneer” correct=”option2″]<\/p>\n

\n
\n
This question was previously asked in<\/div>\n
UPSC SO-Steno – 2017<\/div>\n<\/div>\n
Download PDF<\/a>Attempt Online<\/a><\/div>\n<\/div>\n
\nThe correct answer is B. In an auction, the price is determined by a bidding process.
\n<\/section>\n
\nAn auction is a type of sale in which goods or services are sold to the highest bidder. The price is not fixed beforehand but is arrived at dynamically through competitive bidding by potential buyers. Options A, C, and D do not accurately describe the primary mechanism of price discovery in an auction. Negotiation might follow in some cases, but the core price setting is via bids. Government notification or auctioneer declaration are not the fundamental price-setting mechanisms.
\n<\/section>\n
\nThere are various types of auctions, such as English auctions (ascending price), Dutch auctions (descending price), sealed-bid auctions, etc., but all involve a process where participants make offers (bids) that determine the final price.
\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Auction is a market where price is [amp_mcq option1=”set by negotiation between buyer and seller” option2=”arrived at by a bidding process” option3=”notified by Government” option4=”declared by auctioneer” correct=”option2″] This question was previously asked in UPSC SO-Steno – 2017 Download PDFAttempt Online The correct answer is B. In an auction, the price is determined by a … <\/p>\n

Detailed SolutionAuction is a market where price is<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1095],"tags":[1101,1120,1261],"class_list":["post-93892","post","type-post","status-publish","format-standard","hentry","category-upsc-so-steno","tag-1101","tag-economic-development","tag-nature-of-indian-economy","no-featured-image-padding"],"yoast_head":"\nAuction is a market where price is<\/title>\n<meta name=\"description\" content=\"The correct answer is B. In an auction, the price is determined by a bidding process. An auction is a type of sale in which goods or services are sold to the highest bidder. The price is not fixed beforehand but is arrived at dynamically through competitive bidding by potential buyers. Options A, C, and D do not accurately describe the primary mechanism of price discovery in an auction. Negotiation might follow in some cases, but the core price setting is via bids. Government notification or auctioneer declaration are not the fundamental price-setting mechanisms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/auction-is-a-market-where-price-is\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auction is a market where price is\" \/>\n<meta property=\"og:description\" content=\"The correct answer is B. In an auction, the price is determined by a bidding process. An auction is a type of sale in which goods or services are sold to the highest bidder. The price is not fixed beforehand but is arrived at dynamically through competitive bidding by potential buyers. Options A, C, and D do not accurately describe the primary mechanism of price discovery in an auction. Negotiation might follow in some cases, but the core price setting is via bids. 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