The Price That Competitive and Noncompetitive Bidders Will Pay at a Treasury

The price that competitive and noncompetitive bidders will pay at a Treasury bill auction is the

A) highest price entered by a competitive bidder.
B) highest price entered by a noncompetitive bidder.
C) lowest accepted bid price entered by a competitive bidder.
D) equally weighted average price paid by all competitive bidders whose bids were accepted.
E) None of these are correct.