What does the term "lot" refer to in an auction?

In the context of an auction, the term "lot" refers to an individual item or a group of items that are being put up for sale. When auctioneers conduct a sale, they often break down the inventory into lots for bidding purposes. Each lot may consist of a single item, such as a piece of furniture, or a collection of items sold together as a single unit, like a box of collectibles. This terminology helps participants understand what is being offered at any given moment during the auction. By grouping items into lots, the auctioneer can streamline the bidding process and clarify the terms of sale for bidders.

In contrast to other potential meanings of "lot," such as groups of auctioneers, total value, or time limits, the specific definition of "lot" centers around the saleable units in the auction, making option B the correct choice.