Which of the Following Explains Why Both Competitive Bids and Noncompetitive

Which of the following explains why both competitive bids and noncompetitive bids, no one bidder is allowed to purchase more than 35% of any one issue?

A) to make the bidding fair
B) to make the bidding unfair
C) to avoid the "winner's curse" due to the uncertainty over the value of the T-bills being auctioned
D) to avoid the "loser's curse" due to the uncertainty over the value of the T-bills being auctioned