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Classifieds are used for advertise a product for limited or unlimited time. Buyers cannot place bids but can follow, like, share, ask questions about the product and post facebook comments.
Below video shows how to create classified listing:

Classified listing without End Time:
Owner can create classified listing without end time so that listing can advertise for unlimited time. While create classified listing check the Disable End Time checkbox see below image, so that listing will be advertise until owner delete the listing.