Standard Auctions
A Standard Auction is one in which bidding raises the price incrementally. Standard auctions can have a
Reserve Price, and use Proxy Bidding.
The winner of a Standard Auction is the person with the highest bid at the end of the auction. The auction is considered successful
if the Reserve Price has been met. If the Reserve Price was not met, the auction is considered
unsuccessful and the item owner is under no obligation to sell the item.
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