A type of auction in which sellers bid for the prices at which they are willing to sell their goods and services. So let’s say you’re a whiz at photo editing. You might go on a site like Upwork and bid on the listings from people looking for freelance photo editing services by offering the amount you are willing to be paid for doing the work. At the end of the auction, the person who’s willing to do the same work for the lowest amount typically wins.
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