What are reserve prices in auctions?
An example of an AI chatbot conversation about reserve prices in auctions.
What are reserve prices in auctions?
Reserve prices are the minimum prices set by sellers in auctions. If bidding doesn't reach this price, the item won't be sold.
How do reserve prices affect bidding?
They can encourage bidding by setting a baseline, but if set too high, they might deter potential bidders.
Can a seller change the reserve price during an auction?
Typically, once an auction starts, the reserve price cannot be changed. It must be set before the auction begins.
What happens if the bidding doesn't reach the reserve price?
If the bidding doesn't meet the reserve price, the item remains unsold, and the seller can choose to relist it later.
Are reserve prices common in all types of auctions?
Not all auctions use reserve prices. They are more common in traditional auctions, while some online auctions may not have them.
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