- For Teachers
"The bidding is closed."
Does it meaning the bidding process has ended or that the value of each bid is not disclosed to the public?
In a 'sealed-bid auction' bidders place their bid in a sealed envelope and simultaneously hand them to the auctioneer. The envelopes are opened and the individual with the highest bid wins, paying a price equal to the exact amount that he or she bid. These bids are not disclosed to the public prior to the opening of the envelopes.