Final answer:
An auction is a public sale in which goods or properties are sold to the highest price offered. Potential buyers compete by making higher bids until the highest bidder wins the item.
Step-by-step explanation:
The public sale in which goods or properties are sold to the highest price offered is called an auction. In an auction, potential buyers compete by making increasingly higher bids until the highest bidder wins the item being auctioned. This method is commonly used to sell valuable items, artwork, real estate, or antiques.