E-bay is a popular website. People can choose from a variety of objects: toys, games, clothes, a smiley face potato chip, cars, game tickets, and other interesting things. People enter the amount that they would be willing to pay for the object on the site. And other people, seeing this amount, can choose to enter a higher amount that they would be willing to pay. What is this type of competition-based pricing called?

The type of scenario which is explained in which their is competition based pricing is called COMPETITIVE BID.

Explanation:

Here, it has been given that E-bay is a popular website. From this particular website people can buy and choose a variety of objects such as games,  toys, face potato chips, game tickets, cars and many other interesting things.

The people on this site enter their amounts which they are willing to pay for that particular object on that site. By seeing this amount entered another one and other more people will enter some higher amounts for that particular object on the site.

Similarly some more other people will do same and choose more higher amount to be entered that they are willing to pay for that item or object.

SO, the type of scenario which is explained in which their is competition based pricing is called COMPETITIVE BID.

COMPETITIVE BID: This is referred to a process which is carried out by companies or individuals  for the bid issuing that the companies or individual put together for a particular project, item or an object to get its best proposal.

It is also been passed by law and made mandatory for all the government agencies to follow it and does issual of the bid.

There are six processes in Bidding :

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