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Meaning of “uniform price auction” in the English Dictionary

"uniform price auction" in Business English

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uniform price auctionnoun [C]

uk   us   (also Dutch auction)
COMMERCE a public sale in which a fixed number of similar things are sold at the same price. Each buyer asks for a particular amount and offers a particular price that they are willing to pay. The buyer that offers the most is the first to receive the goods that they have asked for, and then the goods are sold to other buyers in order, according to how much they have offered, until all the goods are gone. The price of the goods is then fixed at a level that is the same for every buyer: The sale will be conducted as a uniform price auction, and prospective buyers will be asked to submit sealed bids.
(Definition of uniform price auction from the Cambridge Business English Dictionary © Cambridge University Press)
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