Which statements are true about a reverse auction?

In a reverse auction, the typical process is that buyers set a price or have a budget, and multiple sellers compete for the opportunity to fulfill the buyer's request, often by lowering their prices. This setup creates an environment where buyers are actively seeking out sellers who can meet their needs, making it advantageous for the buyers. As sellers compete to win the buyer’s business, they aim to offer the lowest price or the best value, which can lead to significant cost savings for the buyer.

This contrasts with a traditional auction where sellers offer items and buyers bid, which is not the case in reverse auctions. Therefore, the idea that buyers seek out sellers accurately captures the dynamics of a reverse auction, highlighting the buyer’s role in initiating the competition among sellers.