In the T-bill auction process,the competitive bidder is guaranteed a ______________ and a noncompetitive bidder is guaranteed a _______________.

Question

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In a T-bill auction, a competitive bidder specifies the yield they are willing to accept and is guaranteed a maximum price if their bid is successful. A noncompetitive bidder agrees to accept the yield determined at auction and is guaranteed a given quantity of T-bills.

In the T-Bill Auction Process,the Competitive Bidder Is Guaranteed a ______________