A reverse auction refers to an auction

Multiple Choice

where firms may sell their overstock$-$unused raw materials, packaging, and tools$-$to the highest bidder.

in which a manufacturer offers to share its facilities, inventory, or services with other smaller firms that are invited to bid in competition with each other.

in which a smaller manufacturer seeks to share the facilities, inventory, or services of a larger firm, and invites those firms to bid in competition with each other.

in which a buyer communicates a need for a product or service and would$-$be suppliers are invited to bid in competition with each other.

where firms seek to purchase other firms' overstock$-$unused raw materials, packaging, and tools$-$while trying to find the lowest price possible.