ntst8
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- Feb 14, 2004
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Where they sell more than one lot of the same item, and the winner of the first (or subsequent) lot's auction has the option to buy one or more or all of the remaining lots at the same price.
In flower and fish markets at least a Dutch Auction is when the auctioneer sets the starting price and there is a "clock" which then counts the price down until someone bids. The first bid is the winner at the current price. Bid too soon and you pay too much, wait too long and you miss out.