Which feature of auction pricing enables bids to exceed a predetermined minimum bid?

The feature of auction pricing that enables bids to exceed a predetermined minimum bid is the auction price floor. A price floor is the minimum price set by the seller or auction house that a bid must meet or exceed in order for the auction to proceed. Once this floor is established, bidders can place bids that are higher than this minimum, allowing for competitive bidding and potentially driving the final price beyond the initial minimum.

This mechanism ensures that the seller receives at least a certain amount for their item, while still allowing bidders the freedom to engage in the auction process and bid higher if they see value in the item. The auction price floor thus plays a crucial role in establishing a baseline for bids while promoting active bidding behavior among participants.