What is the opposite of an absolute auction?

An absolute auction is one where the property is sold to the highest bidder, regardless of the final bid amount, with no minimum price set. In contrast, a reserve auction involves a minimum price at which the seller is willing to sell the property. This means that if bids do not meet the reserve price, the item is not sold. The key difference lies in the seller's commitment; in a reserve auction, there is a safety net for the seller, ensuring that they can reject lower bids that do not meet their expectations.

This understanding highlights why a reserve auction is considered the opposite of an absolute auction, as the latter has no constraints on the sale price, whereas the former does. Other types of auctions mentioned in the choices do not specifically relate to this concept of minimum pricing and therefore do not directly contrast with the characteristics of an absolute auction.