In a Variant of the Auction Process, a Security Is

Multiple Choice

In a variant of the auction process, a security is allocated to bidders from the highest bid price (________) to the lower ones (________) until the entire issue is allocated.

A) (highest yield in the case of a bond) ; (higher yield in the case of a bond)
B) (lowest yield in the case of a bond) ; (higher yield in the case of a bond)
C) (lowest yield in the case of a bond) ; (lower yield in the case of a bond)
D) (highest yield in the case of a bond) ; (lower yield in the case of a bond)