Concerning Auctions,what Is the Definition of a "Common-Values Setting

Multiple Choice

Concerning auctions,what is the definition of a "common-values setting"?

A) bids are submitted using open outcries.
B) bids are submitted simultaneously, and the highest is selected as the winner.
C) bidders value the object the same, but are uncertain as to what that value is.
D) bids are submitted by syndicates of cooperating bidders.