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, thus they are guaranteed a maximum price they are willing to pay. A noncompetitive bidder agrees to accept the yield determined at auction, thus they are guaranteed a given quantity of T-bills.

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