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What is a starting price?

What is a starting price? Here are some definitions.

Noun
  1. The opening price for an item at an auction.
  2. (horse racing) The final odds on a horse when the race starts; also used to designate a system of fixed-odds betting using such prices. Abbreviation: SP.
  3. Used other than with a figurative or idiomatic meaning: see starting,‎ price.
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