During tobacco auctions, the term "set" refers to what?

In the context of tobacco auctions, the term "set" pertains to a group of buyers who are gathered to place bids on the available tobacco. This grouping of buyers is significant because it often influences the competitive dynamics of the auction. The presence of multiple buyers in a 'set' can lead to increased competition, potentially raising the prices of the tobacco being auctioned.

The concept of a 'set' implies an organized assembly of participants who engage in the auction process collectively, which can be strategically advantageous for those involved. It distinguishes the buyers from other aspects of the auction, such as the specific types of tobacco being sold or the methods of bidding employed. Understanding this term reinforces the importance of buyer dynamics in auction settings and the overall structure of the tobacco auction environment.