student asking question

What is an "auction?" What's the purpose of it?

teacher

Native speaker’s answer

Rebecca

An "auction" is a sale where goods, property, or services are sold to the highest bidder. It's so that the sale can get the highest and best financial return. Auctions can run for profit or for charity. Ex: She bought the table at an auction. Ex: Our house is going on auction this month. I hope we get a good sale for it. Ex: Our organization is holding an auction to raise money for charity.

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