Answer:
Percentage of bid.
Step-by-step explanation:
The auction price is the initial start of bidding. This price is set for the thing which are placed under auction and below that auction price the trade cannot take place. This is usually considered as a starting point and then bidders start to quote their bid for the auctioned. The final price is determined when the bidders quotes the highest possible price after which no one else quotes any other bid. The auction is then closed and the bidders gains the auctioned things.
