Explanation:

The correct answer is option 'D', which states that the minimum price below which the auctioneer will not sell the goods is either the reserve price or the upset price. Let's understand what these terms mean:

1. Reserve Price:
The reserve price is the minimum price set by the seller or auctioneer below which they are not willing to sell the goods. It acts as a safety net for the seller, ensuring that the goods are not sold for a price lower than desired. If the bidding does not reach the reserve price, the auctioneer has the right to withdraw the goods from the auction.

2. Upset Price:
The upset price is similar to the reserve price. It is the minimum price at which the auctioneer is willing to sell the goods. If the bidding does not reach the upset price, the auctioneer will not sell the goods. The upset price is often used in government or public auctions to ensure that the goods are sold at a fair market value.

Example:
Let's say there is an auction for a painting. The auctioneer sets a reserve price of $10,000, which means that they will not sell the painting if the bidding does not reach $10,000. If the highest bid is $9,000, the auctioneer will not sell the painting.

Similarly, if there is a government auction for a piece of land, the upset price may be set at $1 million. If the bidding does not reach $1 million, the auctioneer will not sell the land.

In both cases, the reserve price and the upset price act as a safeguard for the seller or auctioneer to ensure that the goods are not sold for a price lower than their expectations.

Therefore, the correct answer is option 'D', as the minimum price below which the auctioneer will not sell the goods can be either the reserve price or the upset price.