Texas FFA Livestock Judging PracticeTest

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Enhance your skills in livestock judging with the Texas FFA Livestock Judging Test. Utilize flashcards and multiple choice questions, with hints and explanations to prepare effectively. Ace your exam!

Practice this question and more.

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

Grocery market
Auction market
Wholesale market
Retail market

The correct answer is: 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.