What characterizes an "absolute auction"?

An absolute auction is defined as a type of auction in which items are sold to the highest bidder without any reserve price or minimum bid. This means that the seller must accept whatever price is offered, regardless of how low it may be. This characteristic creates a sense of urgency and encourages active bidding, as bidders know that they have a chance to purchase items at potentially lower prices.

In this type of auction, there is no discretion on the seller's part to refuse the highest bid, which is precisely why option C aptly captures the essence of an absolute auction. It emphasizes the key aspect of selling items without reserve, making it clear to everyone involved that the highest bid will secure the item, ensuring transparency and fairness in the bidding process.

Other choices do not align with the defining characteristics of an absolute auction. For example, selling items at the seller's discretion would imply that the seller can choose whether or not to accept a bid, which contradicts the very nature of an absolute auction. Additionally, selling all items to the lowest bidder is misleading, as that describes a different auction format, typically associated with a sealed bid auction rather than an absolute auction. Finally, the idea that bidders can withdraw their bids at any time misrepresents the binding nature of