Texas FFA Livestock Judging Practice Test

Question: 1 / 400

What is a market called where cattle are sold by public bidding to the highest bidder?

Grocery market

Auction market

A market where cattle are sold by public bidding to the highest bidder is known as an auction market. In this type of setting, buyers compete against each other to purchase livestock, and the selling price is determined by the highest bid made during the auction. This allows for a transparent pricing mechanism where market demand can influence the final price of the cattle.

In contrast, a grocery market typically involves selling meat and other perishables directly to consumers and does not involve any bidding process. A wholesale market is focused on the bulk sale of goods, usually to retailers or businesses, rather than direct public bidding. A retail market is where products are sold directly to consumers for personal use, again not involving an auction format. Thus, the auction market is specifically designed for competitive bidding, making it the correct answer.

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Wholesale market

Retail market

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