eBay

I am wondering why they have an "Or Best Offer" option. If I make the best offer during the allotted time should I not win the item? If it is up to the seller to accept the offer why have "or best offer" they should redo it to say "or best acceptable...

I am okay losing an auction but today I lost one by 1 cent. I have never seen that before.Just trying to understand why. I certainly could have bid more and I am not sore aboutlosing. Just curious.