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Question 8/132

A firm currently pays $14 per unit for a part used in manufacturing. In an effort to lower costs, the firm invites potential suppliers to participate in an online auction. Suppliers complete a pre-qualification phase before the auction begins. The auction starts with an opening bid of $9 per unit. The auction lasts four hours and no suppliers submit bids. Which of the following is the MOST likely reason for the lack of participation in this auction?

A. The specifications favor a particular supplier

B. The pre-qualification process was flawed

C. The reserve price was set too low

D. The suppliers lack experience with reverse auctions

Correct Answer: C

The reserve price is the minimum price that the buyer is willing to accept for a unit of the part. If the opening bid of $9 per unit is significantly lower than the current price of $14 per unit, suppliers may perceive that the auction conditions are not favorable for their participation, leading to a lack of bids. This low reserve price might be seen as unachievable or unprofitable by potential suppliers, discouraging them from engaging in the auction. References:
* "Purchasing and Supply Chain Management" by Robert M. Monczka, Robert B. Handfield, Larry C.
Giunipero, and James L. Patterson
* Articles on online auctions and reserve pricing in supply chain management journals

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