The Australian government issues bonds through a discriminatory variable rate auction.

Which of the following statements is correct?

	A.	The winners are the bidders with a yield below the cut-off yield.
	B.	Winners below the cut off yield may be rationed.
	C.	The bidders with a bid above the cut-off yield receives the cut-off yield.
	D.	The cut-off yield is not necessarily a clearing market yield.
	E.	All winners receive a yield equal to the cut off yield.